Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Document Information [Line Items] | |
Document Type | S-1/A |
Entity Registrant Name | PANBELA THERAPEUTICS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 88-2805017 |
Entity Address, Address Line One | 712 Vista Blvd, Suite 305 |
Entity Address, City or Town | Waconia |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55387 |
City Area Code | 952 |
Local Phone Number | 479-1196 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Amendment Description | The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. |
Entity Central Index Key | 0001029125 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 59,000 | $ 2,578,000 |
Prepaid expenses and other current assets | 393,000 | 299,000 |
Income tax receivable | 320,000 | 183,000 |
Total current assets | 772,000 | 3,060,000 |
Other non-current assets | 8,642,000 | 8,742,000 |
Total assets | 9,414,000 | 11,802,000 |
Current liabilities: | ||
Accounts payable | 14,293,000 | 9,939,000 |
Accrued expenses | 1,408,000 | 1,141,000 |
Accrued interest payable | 87,000 | 238,000 |
Debt, current portion | 1,000,000 | 1,000,000 |
Total current liabilities | 16,788,000 | 12,318,000 |
Debt, net of current portion | 3,194,000 | 4,194,000 |
Total non-current liabilities | 3,194,000 | 4,194,000 |
Total liabilities | 19,982,000 | 16,512,000 |
Stockholders' deficit: | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued or outstanding as of June 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized; 4,854,931 and 480,095 issued as of June 30, 2024 and December 31, 2023 respectively; 4,854,861 and 480,025 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 5,000 | 0 |
Treasury Stock at cost; 70 shares at both of June 30, 2024 and December 31, 2023 | (1,000) | (1,000) |
Additional paid-in capital | 128,223,000 | 120,043,000 |
Accumulated deficit | (139,757,000) | (125,497,000) |
Accumulated comprehensive income | 962,000 | 745,000 |
Total stockholders' deficit | (10,568,000) | (4,710,000) |
Total liabilities and stockholders' deficit | $ 9,414,000 | $ 11,802,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued (in shares) | 4,854,931 | 480,095 | 1,738 |
Common Stock, Shares, Outstanding (in shares) | 4,854,861 | 480,025 | 1,738 |
Treasury Stock, Common, Shares (in shares) | 70 | 70 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses: | ||||
General and administrative | $ 1,106 | $ 1,643 | $ 2,310 | $ 2,995 |
Research and development | 6,997 | 4,234 | 12,519 | 7,750 |
Operating loss | (8,103) | (5,877) | (14,829) | (10,745) |
Other income (expense): | ||||
Interest income | 0 | 49 | 0 | 65 |
Gain on sale of intellectual property | 775 | 0 | 775 | 0 |
Interest expense | (59) | (70) | (121) | (173) |
Other income (expense) | 248 | (82) | (223) | (247) |
Total other income (expense) | 964 | (103) | 431 | (355) |
Loss before income tax benefit | (7,139) | (5,980) | (14,398) | (11,100) |
Income tax benefit | 0 | 147 | 138 | 149 |
Net loss | (7,139) | (5,833) | (14,260) | (10,951) |
Foreign currency translation adjustment | (242) | 68 | 217 | 231 |
Comprehensive loss | $ (7,381) | $ (5,765) | $ (14,043) | $ (10,720) |
Basic and diluted net loss per share (in dollars per share) | $ (1.47) | $ (159.15) | $ (3.58) | $ (441.77) |
Weighted average shares outstanding - basic and diluted (in shares) | 4,854,861 | 36,650 | 3,984,355 | 24,790 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 549 | 0 | 133 | 10,212 | ||
Balance at Dec. 31, 2021 | $ 0 | $ 66,240 | $ (56,161) | |||
Stock-based compensation | 0 | 1,088 | 0 | $ 0 | $ 1,088 | |
Net loss | 0 | 0 | (34,933) | 0 | (34,933) | |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 626 | 626 | |
Cash paid for fractional shares (in shares) | 1 | 0 | ||||
Cash paid for fractional shares | $ 0 | 1 | 0 | 0 | 1 | |
Adjust for Stock Split on 6/1/2023 (in shares) | (1) | 0 | ||||
Balance (in shares) at Dec. 31, 2022 | 1,738 | 0 | ||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | 82,286 | (91,094) | 759 | (8,049) |
Proceeds from sale of Common Stock, shares (in shares) | 11,853 | 0 | ||||
Proceeds from sale of Common Stock | $ 0 | $ 0 | 15,358 | 0 | 0 | 15,358 |
Stock-based compensation | 0 | 0 | 180 | 0 | 0 | 180 |
Net loss | 0 | 0 | 0 | (5,118) | 0 | (5,118) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 163 | 163 |
Cash paid for fractional shares (in shares) | 0 | 0 | ||||
Cash paid for fractional shares | $ 0 | $ 0 | (4) | 0 | 0 | (4) |
Warrant exchange cashless (in shares) | 13,197 | 0 | ||||
Warrant exchange cashless | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Adjust for Stock Split on 6/1/2023 (in shares) | 0 | 0 | ||||
Balance (in shares) at Mar. 31, 2023 | 26,788 | 0 | ||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | 97,820 | (96,212) | 922 | 2,530 |
Balance (in shares) at Dec. 31, 2022 | 1,738 | 0 | ||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | 82,286 | (91,094) | 759 | (8,049) |
Net loss | (10,951) | |||||
Foreign currency translation adjustment | 231 | |||||
Balance (in shares) at Jun. 30, 2023 | 130,584 | 0 | ||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | 105,857 | (102,045) | 990 | 4,802 |
Balance (in shares) at Dec. 31, 2022 | 1,738 | 0 | ||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | 82,286 | (91,094) | 759 | (8,049) |
Stock-based compensation | 0 | 823 | 0 | 0 | 823 | |
Net loss | 0 | 0 | (25,263) | 0 | (25,263) | |
Foreign currency translation adjustment | $ 0 | 0 | 0 | (14) | (14) | |
Cash paid for fractional shares (in shares) | (390) | 0 | ||||
Cash paid for fractional shares | $ 0 | (9) | 0 | 0 | (9) | |
Warrant exchange cashless (in shares) | 22,750 | 0 | ||||
Warrant exchange cashless | $ 0 | 0 | 0 | 0 | 0 | |
Adjust for Stock Split on 6/1/2023 (in shares) | 390 | 0 | ||||
Balance (in shares) at Dec. 31, 2023 | 480,025 | 70 | ||||
Balance at Dec. 31, 2023 | $ 0 | $ (1) | 120,043 | (125,497) | 745 | (4,710) |
Balance (in shares) at Mar. 31, 2023 | 26,788 | 0 | ||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | 97,820 | (96,212) | 922 | 2,530 |
Proceeds from sale of Common Stock, shares (in shares) | 100,442 | 0 | ||||
Proceeds from sale of Common Stock | $ 0 | $ 0 | 7,713 | 0 | 0 | 7,713 |
Stock-based compensation | 0 | 0 | 329 | 0 | 0 | 329 |
Net loss | 0 | 0 | 0 | (5,833) | 0 | (5,833) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 68 | 68 |
Cash paid for fractional shares (in shares) | 30 | 0 | ||||
Cash paid for fractional shares | $ 0 | $ 0 | (5) | 0 | 0 | (5) |
Warrant exchange cashless (in shares) | 3,384 | 0 | ||||
Warrant exchange cashless | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Adjust for Stock Split on 6/1/2023 (in shares) | (30) | 0 | ||||
Balance (in shares) at Jun. 30, 2023 | 130,584 | 0 | ||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | 105,857 | (102,045) | 990 | 4,802 |
Balance (in shares) at Dec. 31, 2023 | 480,025 | 70 | ||||
Balance at Dec. 31, 2023 | $ 0 | $ (1) | 120,043 | (125,497) | 745 | (4,710) |
Proceeds from sale of Common Stock, shares (in shares) | 4,374,836 | 0 | ||||
Proceeds from sale of Common Stock | $ 5 | $ 0 | 8,077 | 0 | 0 | 8,082 |
Stock-based compensation | 0 | 0 | 103 | 0 | 0 | 103 |
Net loss | 0 | 0 | 0 | (7,121) | 0 | (7,121) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 459 | 459 |
Balance (in shares) at Mar. 31, 2024 | 4,854,861 | 70 | ||||
Balance at Mar. 31, 2024 | $ 5 | $ (1) | 128,223 | (132,618) | 1,204 | (3,187) |
Balance (in shares) at Dec. 31, 2023 | 480,025 | 70 | ||||
Balance at Dec. 31, 2023 | $ 0 | $ (1) | 120,043 | (125,497) | 745 | (4,710) |
Net loss | (14,260) | |||||
Foreign currency translation adjustment | 217 | |||||
Balance (in shares) at Jun. 30, 2024 | 4,854,861 | 70 | ||||
Balance at Jun. 30, 2024 | $ 5 | $ (1) | 128,223 | (139,757) | 962 | (10,568) |
Balance (in shares) at Mar. 31, 2024 | 4,854,861 | 70 | ||||
Balance at Mar. 31, 2024 | $ 5 | $ (1) | 128,223 | (132,618) | 1,204 | (3,187) |
Net loss | 0 | 0 | 0 | (7,139) | 0 | (7,139) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | (242) | (242) |
Balance (in shares) at Jun. 30, 2024 | 4,854,861 | 70 | ||||
Balance at Jun. 30, 2024 | $ 5 | $ (1) | $ 128,223 | $ (139,757) | $ 962 | $ (10,568) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (14,260) | $ (10,951) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 103 | 509 |
Non-cash interest expense | 87 | 107 |
Gain on sale of intellectual property | (775) | 0 |
Income tax receivable | (140) | (149) |
Prepaid expenses and other current assets | (96) | (2,967) |
Other non-current assets | 100 | (5,541) |
Accounts payable | 4,578 | 5,811 |
Accrued liabilities | 30 | (2,311) |
Net cash used in operating activities | (10,373) | (15,492) |
Gain on sale of intellectual property | 775 | 0 |
Cash flows from investing activities: | ||
Proceeds from sale of intellectual property | 775 | 0 |
Net cash provided by investing activities | 775 | 0 |
Cash flows from financing activities: | ||
Proceeds from public offering of common stock and warrants, net of fees and offering costs of $0.9 million and $2.1 million respectively | 8,082 | 23,071 |
Cash paid for fractional shares | 0 | (9) |
Principal payments on notes | (1,000) | (1,650) |
Net cash provided by financing activities | 7,082 | 21,412 |
Effect of exchange rate changes on cash | (3) | 0 |
Net change in cash | (2,519) | 5,920 |
Cash and cash equivalents at beginning of period | 2,578 | 1,285 |
Cash and cash equivalents at end of period | 59 | 7,205 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 272 | 386 |
Supplemental disclosure of non-cash transactions: | ||
Cashless exercise of warrants | $ 0 | $ (8) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Payments of Stock Issuance Costs | $ 0.9 | $ 2.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,578,000 | $ 1,285,000 |
Prepaid expenses and other current assets | 299,000 | 443,000 |
Income tax receivable | 183,000 | 49,000 |
Total current assets | 3,060,000 | 1,777,000 |
Other non-current assets | 8,742,000 | 3,201,000 |
Total assets | 11,802,000 | 4,978,000 |
Current liabilities: | ||
Accounts payable | 9,939,000 | 2,865,000 |
Accrued expenses | 1,141,000 | 2,993,000 |
Accrued interest payable | 238,000 | 325,000 |
Note payable | 0 | 650,000 |
Debt, current portion | 1,000,000 | 1,000,000 |
Total current liabilities | 12,318,000 | 7,833,000 |
Debt, net of current portion | 4,194,000 | 5,194,000 |
Total non-current liabilities | 4,194,000 | 5,194,000 |
Total liabilities | 16,512,000 | 13,027,000 |
Stockholders' deficit: | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued or outstanding as of June 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized; 4,854,931 and 480,095 issued as of June 30, 2024 and December 31, 2023 respectively; 4,854,861 and 480,025 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 0 | 0 |
Treasury Stock at cost; 70 shares at both of June 30, 2024 and December 31, 2023 | (1,000) | 0 |
Additional paid-in capital | 120,043,000 | 82,286,000 |
Accumulated deficit | (125,497,000) | (91,094,000) |
Accumulated comprehensive income | 745,000 | 759,000 |
Total stockholders' deficit | (4,710,000) | (8,049,000) |
Total liabilities and stockholders' deficit | $ 11,802,000 | $ 4,978,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued (in shares) | 4,854,931 | 480,095 | 1,738 |
Common Stock, Shares, Outstanding (in shares) | 4,854,861 | 480,025 | 1,738 |
Treasury Stock, Common, Shares (in shares) | 70 | 70 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
General and administrative | $ 5,033 | $ 6,044 |
Research and development | 20,614 | 28,049 |
Operating loss | (25,647) | (34,093) |
Other income (expense): | ||
Interest income | 123 | 14 |
Gain on sale of intellectual property | 400 | 0 |
Interest expense | 317 | 288 |
Other income (expense) | (8) | (682) |
Total other income (expense) | 198 | (956) |
Loss before income tax benefit | (25,449) | (35,049) |
Income tax benefit | 186 | 116 |
Net loss | (25,263) | (34,933) |
Foreign currency translation adjustment | (14) | 626 |
Comprehensive loss | $ (25,277) | $ (34,307) |
Basic and diluted net loss per share (in dollars per share) | $ (316.52) | $ (41,341.21) |
Weighted average shares outstanding - basic and diluted (in shares) | 108,691 | 845 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ (Deficit) - USD ($) $ in Thousands | Common Stock Outstanding [Member] Underwritten Public Offering [Member] | Common Stock Outstanding [Member] Private Placement [Member] | Common Stock Outstanding [Member] | Common Stock [Member] Underwritten Public Offering [Member] | Common Stock [Member] Private Placement [Member] | Common Stock [Member] | Treasury Stock, Common [Member] Underwritten Public Offering [Member] | Treasury Stock, Common [Member] Private Placement [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] Underwritten Public Offering [Member] | Additional Paid-in Capital [Member] Private Placement [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Underwritten Public Offering [Member] | Retained Earnings [Member] Private Placement [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Underwritten Public Offering [Member] | AOCI Attributable to Parent [Member] Private Placement [Member] | AOCI Attributable to Parent [Member] | Underwritten Public Offering [Member] | Private Placement [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 549 | 0 | 133 | 10,212 | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 66,240 | $ (56,161) | |||||||||||||||||
Issuance of common stock, options and warrants - CPP acquistion (in shares) | 304 | 0 | |||||||||||||||||||
Issuance of common stock, options and warrants - CPP acquistion | 0 | $ 0 | 9,605 | 0 | $ 0 | $ 9,605 | |||||||||||||||
Proceeds from sale of Common Stock, shares (in shares) | 837 | 47 | 0 | 0 | 0 | 5,303 | |||||||||||||||
Proceeds from sale of Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,303 | $ 46 | $ 0 | $ 0 | $ 0 | $ 46 | |||||||||||
Exercise of warrants for cash (in shares) | 0 | 0 | 0 | 4 | |||||||||||||||||
Exercise of warrants for cash | 0 | $ 0 | 4 | 0 | |||||||||||||||||
Stock-based compensation | 0 | 0 | 1,088 | 0 | $ 0 | $ 1,088 | |||||||||||||||
Net loss | 0 | $ 0 | 0 | (34,933) | 0 | (34,933) | |||||||||||||||
Cash paid for fractional shares (in shares) | 1 | 0 | |||||||||||||||||||
Cash paid for fractional shares | 0 | $ 0 | 1 | 0 | 0 | 1 | |||||||||||||||
Foreign currency translation adjustment | 0 | $ 0 | 0 | 0 | 626 | 626 | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 1,738 | 0 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | 0 | $ 0 | 82,286 | (91,094) | 759 | (8,049) | ||||||||||||||
Proceeds from sale of Common Stock, shares (in shares) | 11,853 | 0 | |||||||||||||||||||
Proceeds from sale of Common Stock | $ 0 | $ 0 | 15,358 | 0 | 0 | 15,358 | |||||||||||||||
Stock-based compensation | 0 | 0 | 180 | 0 | 0 | 180 | |||||||||||||||
Net loss | $ 0 | $ 0 | 0 | (5,118) | 0 | (5,118) | |||||||||||||||
Cash paid for fractional shares (in shares) | 0 | 0 | |||||||||||||||||||
Cash paid for fractional shares | $ 0 | $ 0 | (4) | 0 | 0 | (4) | |||||||||||||||
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 163 | 163 | |||||||||||||||
Warrant exchange cashless (in shares) | 13,197 | 0 | |||||||||||||||||||
Warrant exchange cashless | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 26,788 | 0 | |||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | 97,820 | (96,212) | 922 | 2,530 | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 1,738 | 0 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | 0 | $ 0 | 82,286 | (91,094) | 759 | (8,049) | ||||||||||||||
Net loss | (10,951) | ||||||||||||||||||||
Foreign currency translation adjustment | 231 | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 130,584 | 0 | |||||||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | 105,857 | (102,045) | 990 | 4,802 | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 1,738 | 0 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | 0 | $ 0 | 82,286 | (91,094) | 759 | (8,049) | ||||||||||||||
Proceeds from sale of Common Stock, shares (in shares) | 124,612 | 915 | 0 | 0 | |||||||||||||||||
Proceeds from sale of Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 21,456 | $ 1,597 | $ 0 | $ 0 | $ 0 | $ 0 | $ 21,456 | $ 1,597 | |||||||||
Exercise of warrants for cash (in shares) | 330,470 | 0 | |||||||||||||||||||
Exercise of warrants for cash | 0 | $ 0 | 4,749 | 0 | 0 | 4,749 | |||||||||||||||
Stock-based compensation | 0 | 0 | 823 | 0 | 0 | 823 | |||||||||||||||
Net loss | 0 | $ 0 | 0 | (25,263) | 0 | (25,263) | |||||||||||||||
Cash paid for fractional shares (in shares) | (390) | 0 | |||||||||||||||||||
Cash paid for fractional shares | 0 | $ 0 | (9) | 0 | 0 | (9) | |||||||||||||||
Foreign currency translation adjustment | 0 | $ 0 | 0 | 0 | (14) | (14) | |||||||||||||||
Warrant exchange cashless (in shares) | 22,750 | 0 | |||||||||||||||||||
Warrant exchange cashless | 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||
pbla_CommonStockRepurchasedForTreasuryStock (in shares) | (70) | ||||||||||||||||||||
us-gaap_TreasuryStockValueAcquiredCostMethod | 0 | $ 1 | 0 | ||||||||||||||||||
us-gaap_TreasuryStockValueAcquiredCostMethod (in shares) | 70 | ||||||||||||||||||||
Treasury Stock Value Acquired Par Method | 1 | ||||||||||||||||||||
Adjustment for the value offered to induce warrant exercise | 0 | $ 0 | 9,140 | (9,140) | 0 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 480,025 | 70 | |||||||||||||||||||
Balance at Dec. 31, 2023 | $ 0 | 0 | $ (1) | 120,043 | (125,497) | 745 | (4,710) | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 26,788 | 0 | |||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | 97,820 | (96,212) | 922 | 2,530 | |||||||||||||||
Proceeds from sale of Common Stock, shares (in shares) | 100,442 | 0 | |||||||||||||||||||
Proceeds from sale of Common Stock | $ 0 | $ 0 | 7,713 | 0 | 0 | 7,713 | |||||||||||||||
Stock-based compensation | 0 | 0 | 329 | 0 | 0 | 329 | |||||||||||||||
Net loss | $ 0 | $ 0 | 0 | (5,833) | 0 | (5,833) | |||||||||||||||
Cash paid for fractional shares (in shares) | 30 | 0 | |||||||||||||||||||
Cash paid for fractional shares | $ 0 | $ 0 | (5) | 0 | 0 | (5) | |||||||||||||||
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 68 | 68 | |||||||||||||||
Warrant exchange cashless (in shares) | 3,384 | 0 | |||||||||||||||||||
Warrant exchange cashless | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 130,584 | 0 | |||||||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | 105,857 | (102,045) | 990 | 4,802 | |||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 480,025 | 70 | |||||||||||||||||||
Balance at Dec. 31, 2023 | $ 0 | 0 | $ (1) | 120,043 | (125,497) | 745 | (4,710) | ||||||||||||||
Proceeds from sale of Common Stock, shares (in shares) | 4,374,836 | 0 | |||||||||||||||||||
Proceeds from sale of Common Stock | $ 5 | $ 0 | 8,077 | 0 | 0 | 8,082 | |||||||||||||||
Stock-based compensation | 0 | 0 | 103 | 0 | 0 | 103 | |||||||||||||||
Net loss | 0 | 0 | 0 | (7,121) | 0 | (7,121) | |||||||||||||||
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 459 | 459 | |||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 4,854,861 | 70 | |||||||||||||||||||
Balance at Mar. 31, 2024 | $ 5 | $ (1) | 128,223 | (132,618) | 1,204 | (3,187) | |||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 480,025 | 70 | |||||||||||||||||||
Balance at Dec. 31, 2023 | $ 0 | $ 0 | $ (1) | 120,043 | (125,497) | 745 | (4,710) | ||||||||||||||
Net loss | (14,260) | ||||||||||||||||||||
Foreign currency translation adjustment | 217 | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 4,854,861 | 70 | |||||||||||||||||||
Balance at Jun. 30, 2024 | $ 5 | $ (1) | 128,223 | (139,757) | 962 | (10,568) | |||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 4,854,861 | 70 | |||||||||||||||||||
Balance at Mar. 31, 2024 | $ 5 | $ (1) | 128,223 | (132,618) | 1,204 | (3,187) | |||||||||||||||
Net loss | 0 | 0 | 0 | (7,139) | 0 | (7,139) | |||||||||||||||
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | (242) | (242) | |||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 4,854,861 | 70 | |||||||||||||||||||
Balance at Jun. 30, 2024 | $ 5 | $ (1) | $ 128,223 | $ (139,757) | $ 962 | $ (10,568) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (25,263) | $ (34,933) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sale of intellectual property | (400) | 0 |
Stock-based compensation | 823 | 1,088 |
Non-cash interest expense | 238 | 273 |
Changes in operating assets and liabilities: | ||
Income tax receivable | (132) | 212 |
Prepaid expenses and other current assets | 145 | (127) |
Deposits held for clinical trial costs | (5,541) | (2,561) |
Accounts payable | 7,060 | 2,249 |
Accrued liabilities | (2,179) | 786 |
Net cash used in operating activities | (25,249) | (15,276) |
Cash flows from investing activities: | ||
Proceeds from sale of intellectual property | 400 | 0 |
Cash acquired in merger | 0 | 4 |
Net cash provided by investing activities | 400 | (656) |
Cash flows from financing activities: | ||
Principal payments on notes | (1,650) | 0 |
Cash paid for fractional shares | (10) | |
Net cash provided by financing activities | 26,142 | 5,354 |
Effect of exchange rate changes on cash | 0 | (4) |
Net change in cash | 1,293 | (10,582) |
Cash and cash equivalents at beginning of period | 1,285 | 11,867 |
Cash and cash equivalents at end of period | 2,578 | 1,285 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 404 | 15 |
Supplemental disclosure of non-cash transactions: | ||
Adjustment for the value offered to induce warrant exercise | 9,140 | 0 |
Induced Warrants [Member] | ||
Cash flows from financing activities: | ||
Proceeds from induced exercise of warrants, net of costs of $359 | 3,526 | 0 |
Voluntary Warrants [Member] | ||
Cash flows from financing activities: | ||
Proceeds from induced exercise of warrants, net of costs of $359 | 1,223 | 5 |
Private Placement [Member] | ||
Cash flows from financing activities: | ||
Proceeds from public offering of common stock and warrants, net of fees and offering costs of $0.9 million and $2.1 million respectively | 1,597 | 46 |
Underwritten Public Offering [Member] | ||
Cash flows from financing activities: | ||
Proceeds from public offering of common stock and warrants net of underwriters discount and offering costs of $2,075 and $727 respectively | 21,456 | 5,303 |
CPP [Member] | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Write off of in process research and development (IPR&D) | 0 | 17,737 |
Cash flows from investing activities: | ||
Investment in IPR&D | 0 | (660) |
Supplemental disclosure of non-cash transactions: | ||
Fair value of common stock, stock options and stock warrants issued as consideration for asset acquisition | $ 0 | $ 9,605 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Payments From induced Exercise of Warrants | $ 359 | |
Private Placement [Member] | ||
Proceeds from issuance of common stock and warrants, issuance costs | 49 | $ 47 |
Payments of Stock Issuance Costs | 49 | 47 |
Underwritten Public Offering [Member] | ||
Proceeds from issuance of common stock and warrants, issuance costs | 2,075 | 727 |
Payments of Stock Issuance Costs | $ 2,075 | $ 727 |
Note 1 - Business
Note 1 - Business | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business Panbela Therapeutics, Inc. (“Panbela”) and its direct wholly owned subsidiaries: Panbela Research, Inc. (“Panbela Research”) Cancer Prevention Pharmaceuticals, Inc. (“CPP”) and Cancer Prevention Pharma (Ireland) Limited (“Cancer Prevention”) exist for the primary purpose of developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs. Panbela Therapeutics Pty Ltd is a wholly owned subsidiary of Panbela Research organized under the laws of Australia. Cancer Prevention has two wholly owned dormant subsidiaries: Cancer Prevention Pharma Limited, a United Kingdom entity, and Cancer Prevention Pharmaceuticals, LLC, an Arizona limited liability company. Panbela Therapeutics, Inc., together with its direct and indirect subsidiaries are collectively referred to throughout this report as “we,” “us,” “our,” and the “Company.” The primary objective of our pipeline is the utilization of pharmacotherapies to reduce or normalize increased disease-associated polyamines using complementary pharmacotherapies. Our lead candidates are ivospemin (SBP-101) for which we have exclusively licensed the worldwide rights from the University of Florida Research Foundation, Inc., Flynpovi™ a combination of eflornithine (CPP-1X) and sulindac and eflornithine (CPP-1X) alone in tablet or sachet form. We have exclusively licensed rights from the Arizona Board of Regents of the University of Arizona to commercialize Flynpovi. Reverse stock splits Effective January 13, 2023, June 1, 2023, and January 18, 2024, the Company's Board of Directors approved one-for- forty thirty twenty | 1. Business Panbela Therapeutics, Inc. (“Panbela”) and its direct wholly owned subsidiaries: Cancer Prevention Pharmaceuticals, Inc. (“CPP”) and Panbela Research, Inc. (“Panbela Research”) and Cancer Prevention Pharmaceuticals, LTD (Ireland) and their respective subsidiaries, all of which are wholly owned, exist for the primary purpose of developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs. Panbela Therapeutics Pty Ltd is a wholly owned subsidiary of Panbela Research organized under the laws of Australia. CPP has two wholly owned dormant subsidiaries: Cancer Prevention Pharma Limited, a United Kingdom entity, and Cancer Prevention Pharmaceuticals, LLC, an Arizona limited liability company. Panbela, together with its direct and indirect subsidiaries is referred to as “we,” “us,” “our,” and the “Company.” The primary objective of our pipeline is the utilization of pharmacotherapies to reduce or normalize increased disease-associated polyamines using complementary pharmacotherapies. Our lead candidates are ivospemin (SBP-101) for which we have exclusively licensed the worldwide rights to from the University of Florida Research Foundation, Inc. and Flynpovi™ a combination of eflornithine (CPP-1X) and sulindac. We have exclusively licensed rights from the Arizona Board of Regents of the University of Arizona to commercialize Flynpovi. Acquisition of CPP On June 15, 2022, we completed the previously announced strategic business reorganization and acquisition of CPP pursuant to the agreement and plan of merger, dated as of February 21, 2022 (the “Merger Agreement”), by and among Panbela, CPP, Panbela Research, Canary Merger Subsidiary I, Inc. (“Merger Sub I”), and Canary Merger Subsidiary II, Inc. (“Merger Sub II”). Pursuant to the terms of the Merger Agreement, (i) Merger Sub I, then a wholly owned subsidiary of Panbela, which was itself a wholly owned subsidiary of Panbela Research, merged with and into Panbela Research (the “First Merger”), with Panbela Research surviving the First Merger, and (ii) Merger Sub II, then a wholly owned subsidiary of Panbela, merged with and into CPP (the “Second Merger” and, together with the First Merger, the “Mergers”), with CPP surviving the Second Merger. As a result of the Mergers, each of Panbela Research and CPP became a wholly owned subsidiary of Panbela. In addition, in connection with the consummation of the Mergers, then “Panbela Therapeutics, Inc.” was renamed to “Panbela Research, Inc.” and then “Canary Merger Holdings, Inc.” was renamed to “Panbela Therapeutics, Inc.” See Note 6, “Asset Acquisition,” for additional information. Reverse stock splits Effective January 13, 2023, June 1, 2023, and January 18, 2024, the Company's Board of Directors approved one-for- forty |
Note 2 - Risks and Uncertaintie
Note 2 - Risks and Uncertainties | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Nature of Operations [Text Block] | 2. Risks and Uncertainties The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (the “FDA”) in the United States, the Therapeutic Goods Administration in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may take many years, and is normally expected to involve substantial expenditures. On March 5, 2024, the Nasdaq Stock Market LLC (“Nasdaq”) notified us that the Nasdaq Hearings Panel had determined to delist our common stock and trading of our common stock was suspended on Nasdaq effective March 7, 2024. On April 17, 2024, our common stock became eligible for quotation on the OTCQB. Also in April 2024, Nasdaq filed a Form 25 Notification of Removal from Listing with the U.S. Securities and Exchange Commission (the “SEC”) and the delisting of our common stock from Nasdaq became effective ten days later. We have applied to relist our common stock on the Nasdaq. No assurances can be given that we will satisfy the initial listing criteria, the application will be approved, or, if listed, that a trading market will develop or be maintained. In the interim, we intend to maintain the existing eligibility for quotation of our common stock on the OTCQB under its current symbol, “PBLA.” We have incurred losses of $139.8 million since our inception in 2011. For the six months ended June 30, 2024, we incurred a net loss of $14.3 million. We also incurred negative cash flows from operating activities of approximately $10.4 million for this period. As we continue to pursue development activities and seek commercialization, we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of June 30, 2024, we had cash of approximately $59,000, working capital deficit of $16.0 million, (working capital is defined as current assets less current liabilities), and stockholders’ deficit of $10.6 million. The Company’s principal sources of cash have historically included the issuance of debt and equity securities. As previously announced, our contract research organization (“CRO”) for the ASPIRE trial notified the Company of their intent to terminate our relationship as of June 15, 2024 if we were unable to pay the balance due within a satisfactory timeframe. In exchange for a $1.5 million payment made on July 26, 2024, our CRO for the ASPIRE trial has provided an extension of their intent to terminate our relationship to August 19, 2024. The payment to that CRO was funded by proceeds from a loan secured by the Company, as further described in both Note 4, titled “Liquidity and Business Plan” and Note 10, titled “Subsequent Events”. If we are unable to pay the remaining balance due, or unable to negotiate an extension, by August 16, 2024, the CRO will begin termination procedures as of August 19, 2024. The balance due totaled $11.2 million as of June 30, 2024, and is recorded in the Company’s current liabilities. If the CRO terminates the relationship, the ASPIRE trial could be delayed. The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed | 2. Risks and Uncertainties The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration in the United States, the Therapeutic Goods Administration in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may take many years, and is normally expected to involve substantial expenditure. We have incurred losses of $125.5 million since our inception in 2011. For the year ended December 31, 2023, we incurred a net loss of $25.3 million. Not reflected in the net loss for the year ended December 31, 2023, was an adjustment to accumulated loss of $9.1 million associated with the cost to induce warrant exercises. We incurred negative cash flows from operating activities of approximately $25.2 million for this period. As we continue to pursue development activities and seek commercialization of our lead assets, we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of December 31, 2023, we had cash of $2.6 million, negative working capital of $9.3 million (current assets less current liabilities), and stockholders’ deficit of $4.7 million. The Company’s principal sources of cash have historically included the issuance of equity securities and convertible debt. The accompanying Consolidated Financial Statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business and do not include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our ability to continue as a going concern, realize the carrying value of our assets and discharge our liabilities in the ordinary course of business is dependent upon a number of factors, including our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our ivospemin (SBP-101), eflornithine (CPP-1X) and eflornithine sachets (CPP-1X-S) product candidates in the United States, Australia, the European Union or other markets, and Flynpovi outside of North America and ultimately our ability to market and sell our product candidates. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note 3 titled “Liquidity and Management Plans”. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 3. Basis of Presentation We have prepared the accompanying interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2023, was derived from audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto included in our most recent filed Annual Report on Form 10-K and our subsequent filings with the SEC. The nature of our business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. |
Note 4 - Liquidity and Business
Note 4 - Liquidity and Business Plan | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Substantial Doubt about Going Concern [Text Block] | 4. Liquidity and Business Plan On July 24, 2024, Panbela and its wholly-owned subsidiary, CPP, entered into a Loan Agreement (the “Loan Agreement”) with USWM, LLC (“USWM”) by executing and delivering to the Lender a Term Promissory Note (the “USWM Term Note”). Pursuant to the Loan Agreement, Panbela and CPP obtained a term loan from USWM in the original principal amount of $1,500,000 (the “USWM Loan”). The Loan Agreement and USWM Term Note are described in more detail in Note 10 titled “Subsequent Events”. On January 31, 2024, the Company completed a registered public offering of common stock and warrants to purchase shares of common stock which resulted in gross proceeds of approximately $9.0 million. During the year ended December 31, 2023, the Company completed two registered offerings of common stock and warrants to purchase shares of common stock. On June 21, 2023 and January 31, 2023, the Company completed registered public offerings for gross proceeds of approximately $8.5 million and $15.0 million, respectively. The Company provided inducement warrants to certain shareholders to exercise their warrants. On November 2, 2023 gross proceeds were approximately $1.9 million and on December 21, 2023 the gross proceeds were approximately $2.0 million from these transactions. During 2023, the Company also sold shares of common stock via an At the Market (ATM) facility with net proceeds of approximately $1.6 million. We need to raise additional capital to support our current business plans. We may seek to raise additional funds through various sources, such as equity and debt financing, or through strategic collaborations and license agreements. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or if such funds are available to us, that such additional financing will be sufficient to meet our needs or on terms acceptable to us. This risk would increase if our clinical data were not positive or economic and market conditions deteriorate. Our future success is dependent upon our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our product candidates ivospemin, Flynpovi and eflornithine in the United States or other markets and ultimately our ability to market and sell product candidates. If we are unable to obtain additional financing when needed, if our clinical trials are not successful or if we are unable to obtain marketing approval, we would not be able to continue as a going concern and would be forced to cease operations and liquidate our company. There can be no assurances that we will be able to obtain additional financing on commercially reasonable terms, or at all. The sale of additional convertible debt or equity securities would likely result in dilution to our current stockholders. | 3. Liquidity and Management Plans We will need to seek additional sources of funds to support our current business plans. We may seek to raise additional funds through various sources, such as equity and debt financing, or through strategic collaborations and license agreements. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or if such funds are available to us, that such additional financing will be sufficient to meet our needs or on terms acceptable to us. This risk would increase if our clinical data were not positive or economic and market conditions deteriorate. If we are unable to obtain additional financing when needed, we would need to scale back our operations taking actions that may include, among other things, reducing use of outside professional service providers, reducing staff or staff compensation, significantly modify or delay the development of our product candidates, license to third parties the rights to commercialize our product candidates as therapies in cancer or auto-immune diseases or other applications that we would otherwise seek to pursue, or cease operations. Subsequent to December 31, 2023, the Company completed a registered public offering of common stock and warrants to purchase shares of common stock for gross proceeds of approximately $9.0 million. See Note 12 for additional information regarding the offer. During the year ended December 31, 2023 the Company completed two registered offerings of common stock and warrants to purchase shares of common stock. For June 21, 2023 offering gross proceeds were approximately $8.5 million. For January 31, 2023 offering gross proceeds were approximately $15.0 million. See Note 9 for additional information regarding the offerings. The Company provided inducement warrants to certain shareholders to exercise their warrants. On November 2, 2023 gross proceeds were approximately $1.9 million and on December 21, 2023 the gross proceeds were approximately $2.0 million from these transactions. See Note 9 for additional information regarding these inducement offerings. During 2023 and 2022 the company also sold shares of common stock via an At the Market (ATM) facility. During the year ended December 31, 2023 net proceeds were approximately $1.6 million. During the year ended December 31, 2022 net proceeds were approximately $46,000. See Note 9 for additional information regarding the ATM facility. On October 4, 2022, the Company completed a registered public offering offerings of common stock and warrants to purchase shares of common stock for gross proceeds of approximately $6.0 million. See Note 9 for additional information regarding the offering. Much of the development efforts under way regarding the asset acquired in the CPP acquisition are funded by a licensing partner, see Note 8, “License Agreement for the Development and Commercialization of Flynpovi”, or collaborations with outside organizations including National Cancer Institute (“NCI”) and the Juvenile Diabetes Research Foundation (“JDRF”). Based on the proceeds from the January 2024 offering it is expected that our cash will last into the second quarter of 2024. Our future success is dependent upon our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for ivospemin (SBP-101), Flynpovi, eflornithine (CPP-1X) and eflornithine sachets (CPP-1X-S) in the United States or other markets and ultimately our ability to market and sell our product candidates. If we are unable to obtain additional financing when needed, if our clinical trials are not successful or if we are unable to obtain marketing approval, we would not be able to continue as a going concern and would be forced to cease operations and liquidate our company. There can be no assurances that we will be able to obtain additional financing on commercially reasonable terms, or at all. The sale of additional equity securities or convertible debt would likely result in dilution to our current stockholders. |
Note 5 - Summary of Significant
Note 5 - Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | 5. Summary of Significant Accounting Policies Principles of consolidation The accompanying condensed consolidated financial statements include the assets, liabilities, and expenses of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates, particularly given the significant social and economic disruptions and uncertainties with the ongoing pandemic and control responses. Research and development costs Research and development costs include expenses incurred in the conduct of our clinical trials; for third-party service providers performing various testing and accumulating data related to our preclinical studies; sponsored research agreements; developing and scaling the manufacturing process necessary to produce sufficient amounts of drug product for our product candidates for use in our pre-clinical studies and human clinical trials; consulting resources with specialized expertise related to execution of our development plan for our product candidates; personnel costs, including salaries, benefits and share-based compensation; and costs to license and maintain licensed intellectual property. We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are, and will be, performed at clinical trial sites and are administered jointly by us with assistance from CROs. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. The cost to secure certain third-party drug product for the clinical trials, which is often paid for in advance of delivery, is charged to research and development when it is received and available to be shipped to clinical sites. All material CRO contracts are terminable by us upon written notice, and we are generally only liable for actual effort expended by the CROs and certain non-cancelable expenses incurred at any point of termination. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. Stock-based compensation In accounting for stock-based incentive awards, we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the fair value of those awards on the grant date. Calculating stock-based compensation expense requires the input of highly subjective assumptions, which represent our best estimates and involve inherent uncertainties and the application of management’s judgment. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based on historical company share price volatility. The assumed dividend yield is zero Foreign currency translation adjustments The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar. Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Australia Pty Ltd, are translated into U.S. dollars at period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive loss presented within the stockholders’ equity. During the six-month periods ended June 30, 2024 and 2023, any reclassification adjustments from accumulated other comprehensive loss to operations were inconsequential. Comprehensive loss Comprehensive loss consists of our net loss and the effects of foreign currency translation. Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is based on the weighted average of common shares outstanding during the period plus dilutive potential common shares calculated using the treasury stock method. Such potentially dilutive shares are excluded when the effect is anti-dilutive or reduce a net loss per share. The Company’s potentially dilutive shares, which include outstanding common stock options, and warrants, have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive. The following table sets forth the potential shares of common stock that were not included in the calculation of diluted net loss per share as their effects would have been anti-dilutive as of the dates indicated: June 30, 2024 2023 Employee and non-employee stock options 607 607 Common stock issuable under common stock purchase warrants 9,090,939 10,139 9,091,546 10,746 | 4. Summary of Significant Accounting Policies Basis of presentation We have prepared the accompanying Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our fiscal year ends on December 31. Principles of consolidation The accompanying Consolidated Financial Statements include the assets, liabilities and expenses of Panbela Therapeutics, Inc. and our direct and indirect subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Business Combinations and Asset Acquisition We account for acquired businesses using the acquisition method of accounting, which requires that the assets acquired, and liabilities assumed be recorded at the date of acquisition at their respective fair values if the acquisition meets the definition of a business combination. If the acquisition does not meet the definition of a business combination, then it is accounted for as an asset acquisition and the purchase consideration is allocated to the acquired assets. ASC 805, Business Combinations, provides a model for determining whether an acquisition represents a business combination. In order to be a business, the integrated set of activities of the acquired entity needs to have an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired entity must also pass the “Screen Test” which involves determining whether the acquisition represents an in-substance asset acquisition based on whether the fair value of the gross assets acquired is “substantially all” concentrated in a single asset or group of similar assets. This evaluation excludes certain acquired assets such as cash, deferred taxes, and goodwill associated with deferred taxes, but includes all other gross assets, including any consideration transferred in excess of the identified assets. Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand accounts at commercial banks. At times, such deposits may be in excess of insured limits. As of December 31, 2023, $2.3 million of the Company’s cash was in excess of insured limits. The Company has not experienced any losses on its deposits of cash. Cash and cash equivalents Cash equivalents include short-term, highly liquid investments with maturities of three months or less. Other noncurrent assets Other noncurrent assets are comprised primarily of long-term deposits with contract research organizations (“CROs”). These amounts are recognized as operating expenses or research and development expense as the trial is completed. Research and development costs Research and development costs include expenses incurred in the conduct of our human clinical trials, for third-party service providers performing various testing and accumulating data related to our preclinical studies; sponsored research agreements; developing and scaling the manufacturing process necessary to produce sufficient amounts of the SBP-101, Flynpovi and CPP-1X compounds for use in our pre-clinical studies and human clinical trials; consulting resources with specialized expertise related to execution of our development plan for our product candidates; personnel costs, including salaries, benefits and share-based compensation; and costs to license and maintain our licensed intellectual property. We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from CROs. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as site openings, patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. Research and development costs also include IPR&D. This asset was acquired from the security holders of CPP and written off to research and development expense immediately subsequent to the asset acquisition. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. Clinical Trial Accruals Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as clinical site activations, patient enrollment or information provided to the Company by its vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services are performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion, or the services completed. The Company’s estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. Stock-based compensation In accounting for stock-based incentive awards, we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based primarily on the volatility rates of the Company’s common stock. The assumed dividend yield is zero The fair value of restricted stock units is calculated as the fair value of the underlying common stock as of the date of grant. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company has provided a full valuation allowance against the gross deferred tax assets as of December 31, 2023 and 2022. The Company’s policy is to classify interest and penalties related to income taxes as income tax expense in the Consolidated Statements of Operations and Comprehensive Loss. Foreign currency translation The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Pty Ltd are translated into U.S. dollars at period-end exchange rates. Expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive gain (loss) in the Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, any reclassification adjustments from accumulated other comprehensive gain to operations were inconsequential. The Company records transactions denominated in foreign currencies at the exchange rate in effect on that date. Fluctuations between the transaction date and settlement date are recognized as transaction gain/loss. Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. For the year ended December 31, 2023 the numerator was adjusted by the cost of the warrant inducement of approximately $9.1 million. The following outstanding potential common shares were not included in the diluted net loss per share calculations as their effects were not dilutive: December 31, 2023 2022 Employee and non-employee stock options 607 104 Common stock issuable under common stock purchase warrants 345,956 1,483 346,563 1,587 Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Specifically, we reclassified $0.1 million of prepaid expenses from current to non-current as of December 31, 2022. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07: Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This update will improve reportable segment disclosure requirements by enhancing disclosures around significant segment expenses and disclosures around the CODM, pertaining to what measures are used to evaluate profit or loss and such measures are used in assessing segment performance. These amendments will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities. ASU 2023-07 is effective for public entities' fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company only has one reportable segment and thus, the adoption of this ASU will not have a material impact on the financial statements and related disclosures. Recently Adopted Accounting Pronouncements Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The FASB is issuing this Update (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Note 6 - Notes Payable
Note 6 - Notes Payable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Debt Disclosure [Text Block] | 6. Notes Payable Sucampo promissory note As of June 30, 2024, CPP had a balance outstanding of approximately $4.3 million for principal and interest under an amended and restated promissory note (the “Sucampo Note). The note was issued with an initial principal amount of approximately $6.2 million in favor of Sucampo GmbH dated as of June 15, 2022. The principal balance outstanding as of June 30, 2024 is approximately $4.2 million under the Sucampo Note and it bears simple interest at a rate of 5% per annum. All unpaid principal, together with any then unpaid and accrued interest is payable as follows: (i) $1.0 million, plus all interest accrued but unpaid on or before each of January 31, 2025, and January 31, 2026; and (ii) all remaining principal plus accrued but unpaid interest on or before January 31, 2027. On March 8, 2024, the Company paid the second installment on the balance due of $1.0 million plus accrued interest of approximately $260,000. This payment was made prior to the expiration of a grace period provided by the lender. As of June 30, 2024, the Company was current in all payments due under the Sucampo Note and the accrued and unpaid interest on this note was approximately $87,000. Panbela has agreed to guarantee CPP’s payment obligations under the Sucampo Note pursuant to a Guaranty dated as of June 15, 2022. | 7. Notes Payable Sucampo Promissory Note As of December 31, 2023 and December 31, 2022, CPP had a balance outstanding of approximately $5.4 million principal and interest and approximately $6.4 million principal and interest, respectively, under an amended and restated promissory note (the “Sucampo Note”) issued with an initial principal amount of approximately $6.2 million in favor of Sucampo GmbH dated as of June 15, 2022. The principal balance outstanding under the Sucampo Note bears simple interest at a rate of 5% per annum. On February 1, 2023, Panbela paid the first installment on the balance due of $1.0 million plus accrued and unpaid interest of approximately $295,000. On March 8, 2024, the company paid the second installment on the balance due of $1.0 plus accrued and unpaid interest of approximately $259,000. This payment was made prior to the expiration of a grace period provided by the lender. All remaining unpaid principal, together with any then unpaid and accrued interest is payable as follows: (i) $1.0 million, plus all interest accrued but unpaid on or before each of January 31, 2025 and January 31, 2026; and (ii) all remaining principal plus accrued but unpaid interest on or before January 31, 2027. As of December 31, 2023 and December 31, 2022, the accrued and unpaid interest on this note was approximately $238,000 and $243,000, respectively. Panbela has agreed to guarantee CPP’s payment obligations under the Sucampo Note pursuant to a Guaranty dated as of June 15, 2022. Tillotts Promissory Note As of December 31, 2022, CPP had a balance outstanding of approximately $0.7 million representing principal and interest under an amended promissory note issued with an initial principal amount of approximately $650,000 in favor of Tillotts Pharma AG. The principal balance and accrued and unpaid interest were paid in full on January 31, 2023. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Equity [Text Block] | 7. Stockholders Equity Public offering of common stock and warrants January 2024 On January 31, 2024, the Company completed a registered public offering and issued an aggregate of 794,000 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,581,000 shares of common stock at an exercise price of $0.001 per shares and warrants to purchase up to an aggregate of 8,750,000 shares of its common stock. The initial exercise price of the warrants is $2.06 per underlying share. The securities were issued for a combined offering price of $2.06 per share of common stock and 2 warrants, or $2.059 per pre-funded warrant and 2 warrants. Net proceeds from the offering totaled approximately $8.1 million. As of June 30, 2024, all pre-funded warrants had been exercised. The securities were offered pursuant to an effective registration statement on Form S-1. Reverse stock splits The Company effected a reverse stock split of one-for-twenty (1:20) on January 18, 2024. This reverse stock split was approved by the Company’s shareholders at a special meeting on December 19, 2023, and by our Board of Directors on January 13, 2024. On January 18, 2024, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-twenty (1:20) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective January 18, 2024. The Company effected a reverse stock split of one-for-thirty (1:30) on June 1, 2023. This reverse stock split was approved by the Company’s shareholders at our annual shareholders meeting on May 25, 2023, and by our Board of Directors on June 1, 2023. On June 1, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-thirty (1:30) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective June 1, 2023. The Company effected a reverse stock split of one-for-forty (1:40) on January 18, 2023. This reverse stock split was approved by the Company’s shareholders at our special meeting of our shareholders on November 29, 2022, and by our Board of Directors on January 5, 2023. On January 18, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-forty (1:40) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective January 18, 2023. The following shares of common stock were reserved for future issuance as of the date indicated: June 30, 2024 Stock options outstanding 607 Shares available for grant under equity incentive plan 163,800 Warrants outstanding 9,090,939 9,255,346 | 9. Stockholders Equity Warrant Exercise Inducements & Private Placement of Class D Warrants On December 21, 2023, we entered into warrant exercise inducement offer letters with certain holders of existing Class C warrants to purchase our common stock, pursuant to which the holders agreed to exercise for cash their existing warrants to purchase 127,800 shares of our common stock, in the aggregate, at their existing exercise price of $15.60 per share, in exchange for our agreement to issue new Class D common stock purchase warrants to purchase up to an aggregate of 255,600 shares of our common stock. The Company received aggregate gross proceeds of approximately $2.0 million from the exercise of the existing warrants. The Class D warrants had an initial exercise price of $19.00 per share and will only be exercisable contingent upon and after receiving stockholder approval as required by listing rules of Nasdaq and may be exercised until five years from the date of such stockholder approval, if any. The exercise price is separately subject to reduction in the event of certain future dilutive issuances of shares of our common stock by the Company, including pursuant to common stock equivalents and convertible or derivative securities, upon any intervening reverse stock splits, and upon receipt of the stockholder approval. As of December 31,2023, all of the Class D warrants remained outstanding but unexercisable pending stockholder approval. We have agreed to call a meeting to seek stockholder approval of the issuance of the shares of our common stock underlying the new warrants within six months and to file a registration statement covering the resale of the shares underlying the Class D warrants no later than the Company’s due date for filing the annual report on form 10-K. Additionally, the Company agreed not to effect or agree to effect any variable rate transaction (as defined in the inducement letters) for one year, other than an at-the-market offering, which may be effected after six months. Warrant Exercise Inducements & Private Placement of Class C Warrants On November 2, 2023, we entered into warrant exercise inducement offer letters with certain holders of existing Class A and Class B warrants to purchase our common stock, pursuant to which the holders agreed to exercise for cash their existing Class A and Class B warrants to purchase 106,500 shares of our common stock, in the aggregate, at a reduced exercise price of $15.60 per share, in exchange for our agreement to issue new Class C common stock purchase warrants to purchase up to an aggregate of 213,000 shares of our common stock. The Company received aggregate gross proceeds of approximately $1.9 million from the exercise of the existing Class A and Class B warrants and purchase of the Class C warrants. The Class C warrants had an initial exercise price of $15.60 per share and were exercisable upon the date of stockholder approval through the date that is five years from the date of any stockholder approvals necessary under the listing rules of Nasdaq. Our stockholders approved the issuance of the underlying shares of common stock at a special meeting held on December 19, 2023. We agreed to file a registration statement covering the resale of the shares issued or issuable upon the exercise of the Class C warrants and a registration statement on Form S-1 (File No. 333-275733) was declared effective by the SEC on December 20, 2023. As of December 31, 2023 there are 80,200 Class C Warrants outstanding. Public offering of common stock and warrants June 2023 On June 21, 2023, the Company completed a registered public offering and issued an aggregate of 29,300 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 84,200 shares of common stock at an exercise price of $0.001 per share and warrants to purchase up to an aggregate of 227,000 shares of its common stock at an exercise price of $75.00 per share. The securities were issued for a combined offering price of $75.00 per share of common stock and warrants to purchase two shares, or $74.999 per pre-funded warrant and warrants to purchase two shares. Net proceeds from the offering totaled approximately $7.7 million. As of December 31, 2023, all pre-funded warrants had been exercised. The securities were offered pursuant to an effective registration statement on Form S-1. Of the remaining warrants, warrants to purchase 113,500 shares of common stock, have an alternative cashless exercise provision pursuant to which the holder may provide notice and receive an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise and (y) 0.24. This feature became available on June 28, 2023. As of December 31, 2023, 6,169 shares of common stock had been issued for 25,705 warrants to purchase shares of common stock. As of December 31, 2023, warrants to purchase 9,595 shares of common stock remained outstanding with an adjusted exercise price of $12.39 per shares, of which warrants to purchase 2,595 were eligible for alternative cashless exercise. Public offering of common stock and warrants January 2023 On January 30, 2023, the Company completed a registered public offering and issued an aggregate of 8,070 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,054 shares of common stock at an exercise price of $0.001 per share and warrants to purchase up to an aggregate of 22,250 shares of its common stock at an exercise price an initial exercise price of $1,650.00 per share. The securities were issued for a combined offering price of $1,350.00 per share of common stock and warrants to purchase two shares, or $1,349.999 per pre-funded warrant and warrants to purchase two shares. Net proceeds from the offering totaled approximately $13.8 million. The securities were offered pursuant to an effective registration statement on Form S-1. All of the pre-funded warrants were exercised by February 3, 2023. The remaining warrants have an alternative cashless exercise provision pursuant to which the holder may provide notice and receive an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise and (y) 0.75. This feature became available on March 1, 2023 and as of as of December 31, 2023, 16,590 shares of common stock had been issued for warrants to purchase 22,120 shares. Warrants to purchase 128 shares of common stock remained outstanding as of December 31, 2023 with an exercise price as adjusted, of $12.39 per share. Public offering of common stock and warrants On October 4, 2022, the Company completed a registered public offering and issued an aggregate of 295 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 542 shares of common stock at an exercise price of $0.001 per share and warrants to purchase up to an aggregate of 1,256 shares of its common stock at an exercise price of $108,960.00 per share. The securities were issued for a combined offering price of $7,200.00 per share of common stock and 1.5 warrants, or $7,199.999 per pre-funded warrant and 1.5 warrants. Net proceeds from the offering totaled approximately $5.3 million. All pre-funded warrants were exercised by December 31, 2022. The securities were offered pursuant to an effective registration statement on Form S-1. At-the-Market Program On July 19, 2022, Panbela Therapeutics, Inc. (the “Company”), entered into a Sales Agreement with Roth Capital Partners, LLC (the “Agent”) to sell shares of the Company’s common stock having an aggregate gross sales price of up to $8,400,000, from time to time, through an “at-the-market” equity offering program (the “ATM Program”). Under the ATM Program, the Company pays Roth a commission equal to 3.0% of the aggregate gross proceeds of any sales of common stock under the ATM Program. During the years ended December 31, 2023 and December 31, 2022, the Company sold 915 and 47 shares of common stock, respectively, under the ATM Offering and generated approximately net proceeds for the same periods of approximately $1.6 million and approximately $46,000, respectively. Reverse Stock Splits On December 19, 2023, the Company held a special meeting of its stockholders at which the stockholders approved a proposal to effect an amendment to the Company's certificate of incorporation, as amended, to implement a reverse stock split at a ratio ranging from any whole number between one-for-eight (1:8) and one-for-fifty (1:50). On January 13, 2024, the Company's Board of Directors approved the implementation of the reverse stock split at a ratio of one-for-twenty (1:20) of the Company's Common Stock. As a result of the reverse stock split, every twenty No one-for-twenty The Company effected a reverse stock split of one-for-thirty (1:30) on June 1, 2023. This reverse stock split was approved by the Company’s shareholders at our annual shareholders meeting on May 25, 2023 and by our Board of Directors on June 1, 2023. On June 1, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-thirty (1:30) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective June 1, 2023. The Company effected a reverse stock split of one-for-forty (1:40) on January 18, 2023. This reverse stock split was approved by the Company’s shareholders at our special meeting of our shareholders on November 29, 2022 and by our Board of Directors on January 5, 2023. On January 18, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-forty (1:40) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective January 18, 2023. Shares reserved Shares of common stock reserved for future issuance were as follows as of December 31, 2023: Stock options outstanding 607 Shares available for grant under equity incentive plan - Common shares issuable under outstanding common stock purchase warrants 345,956 346,563 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Share-Based Payment Arrangement [Text Block] | 8. Stock-based Compensation 2016 Omnibus Incentive Plan The 2016 Omnibus Incentive Plan, as amended (the “2016 Plan”) initially authorized the issuance of up to 116 shares of our common stock pursuant to awards granted thereunder and 164,246 shares have been added pursuant to its annual evergreen feature. As of June 30, 2024, options to purchase 561 shares of our common stock were outstanding under the 2016 Plan with a weighted average price of $14,420.00 per share and average remaining life of approximately 8.4 years. Approximately 163,800 shares of our common stock remained available for future grants under the 2016 Plan as of the same date. 2011 Stock Option Plan Our Board of Directors ceased making awards under the Panbela Therapeutics, Inc. 2011 Stock Option Plan (the “2011 Plan”) upon the original receipt of stockholder approval for the 2016 Plan in May 2016. Awards outstanding under the 2011 Plan remain outstanding in accordance with and pursuant to the terms thereof. As of June 30, 2024, options to purchase 5 shares of our common stock remained outstanding under the 2011 Plan. The weighted average exercise price is $76,200.00 per share, and the average remaining life is approximately 0.7 years. CPP s 2010 Equity Incentive Plan The Company has assumed all remaining rights and obligations with respect to CPP’s 2010 Equity Incentive Plan (the “CPP Plan”) through the issuance of replacement options. As of June 30, 2024, options to purchase 41 shares of our common stock remained outstanding under the CPP Plan, with a weighted average exercise price of $6,743.41 per share, and the average remaining contractual life was 6.2 years. Stock-based compensation expense General and administrative (“G&A”) and research and development (“R&D”) expenses include non-cash stock-based compensation expense as a result of our issuance of stock options. The terms and vesting schedules for stock-based awards vary by type of grant and the employment status of the grantee. The awards granted through June 30, 2024, vest based upon time-based and performance conditions. There was no unamortized stock-based compensation expense related to options granted to employees, directors, and consultants as of June 30, 2024. Stock-based compensation expense for each of the periods presented is as follows (in thousands): Six Months Ended June 30, 2024 2023 General and Administrative $ 68 $ 416 Research and Development 35 93 $ 103 $ 509 There were no options granted, exercised, cancelled, or forfeited during the six months ended June 30, 2024. Information about stock options outstanding, vested and expected to vest as of June 30, 2024 is as follows: Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 8.75 $ 300.00 503 8.75 $5,280 - $7,709 39 6.50 $ 5,280.00 39 6.50 $26,400 - $98,160 37 4.79 $ 79,787.03 37 4.79 $100,080 - $362,400 28 4.79 $ 194,220.00 28 4.79 Totals 607 8.18 $ 14,410.36 607 8.18 | 10. Stock-Based Compensation 2016 Omnibus Incentive Plan The 2016 Omnibus Incentive Plan, as last amended effective April 9, 2020 (the “2016 Plan”), has been approved by our Board of Directors and ratified by our stockholders. The 2016 Plan permits the granting of incentive and non-statutory stock options, restricted stock, stock appreciation rights, performance units, performance shares and other stock awards to eligible employees, directors and consultants. We grant options to purchase shares of common stock under the 2016 Plan with an exercise price no less than the fair market value of the underlying common stock as of the date of grant. Options granted under the 2016 Plan have a maximum term of ten no 2011 Stock Option Plan Prior to approval of the 2016 Plan, stock-based awards were granted under the 2011 Stock Option Plan (the “2011 Plan”). In conjunction with stockholder approval of the 2016 Plan, the Board terminated the 2011 Plan, although awards outstanding under the 2011 Plan will remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the 2011 Plan have a maximum term of ten zero two CPP s 2010 Equity Incentive Plan As a result of the Mergers, the Company has assumed all remaining rights and obligations with respect to CPP’s 2010 Equity Incentive Plan (the “CPP Plan”) through the issuance of replacement options. As of December 31, 2023, options to purchase 41 shares of common stock remained outstanding under the CPP Plan, with a weighted average exercise price of $6,743.41 per share, and the average remaining contractual life was 6.7 years. We recognize stock-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest. A summary of option activity is as follows: Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2022 63 $ 132,059.00 $ - Options continued from CPP Plan 42 6,743.41 Exercised - Cancelled - Forfeitures (1 ) 6,743.41 Balance at December 31, 2022 104 $ 82,655.77 $ - Granted 503 300.00 Exercised - Cancelled - Forfeitures - Balance at December 31, 2023 607 $ 14,410.38 $ - Stock-based compensation expense for each of the periods presented is as follows (in thousands): Year ended December 31, 2023 2022 General and administative $ 643 $ 889 Research and development 180 199 Total stock-based compensation $ 823 $ 1,088 A summary of the status of our unvested shares during the two years ended and as of December 31, 2023 is as follows: Shares Under Option Weighted Average Grant Date Fair Value Unvested at January 1, 2022 18 $ 92,061.33 Granted 42 26,038.83 Vested (52 ) 38,865.69 Forfeitures (1 ) 26,038.83 Unvested at December 31, 2022 7 $ 100,525.71 Granted 503 269.80 Vested (83 ) 7,002.26 Forfeitures - Unvested at December 31, 2023 427 $ 604.69 Information about stock options outstanding, vested and expected to vest as of December 31, 2023, is as follows: Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 9.24 $ 300.00 78 9.24 $5,280 - $7,709 39 7.00 $ 5,280.00 39 7.00 $26,400 - $98,160 37 5.29 $ 79,787.03 35 5.18 $100,080 - $362,400 28 5.29 $ 194,220.00 28 5.29 Totals 607 8.68 $ 14,410.36 180 7.35 As of December 31, 2023, total compensation expense related to unvested employee stock options not yet recognized was $0.1 million, which is expected to be allocated to expenses over a weighted-average period of 0.24 years. Options to purchase 503 shares were issued in the year ended December 31, 2023 at a weighted average exercise price of $300.00. No new options were granted during the year ended December 31, 2022. On June 15, 2022, as a component of the purchase consideration for the acquisition of CPP the Company provided fully vested replacement options to purchase up to 42 shares of common stock at a weighted average exercise price of $6,743.41 per share. The following table reflects the key assumptions used for calculating fair market value for options granted during the year ended December 31, 2023: 2023 Common stock fair value $300.00 Risk-free interest rate 3.59% to 3.60% Expected dividend yield $0.00 Expected Option life (in years) 5.08 to 5.5 Expected stock price volatility 131.3% - 138.0% Non-employee stock-based compensation We account for stock options granted to nonemployees in accordance with Accounting Standards Update (“ASU”) 2019 07, 718 |
Note 9 - Gain on Sale of Intell
Note 9 - Gain on Sale of Intellectual Property | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 9. Gain on Sale of Intellectual Property In July of 2023, the Company divested certain rights, titles and interests in its eflornithine pediatric neuroblastoma program. Under the original terms of the agreement, the Company was entitled to receive up to approximately $9.5 million in non-dilutive funding in exchange for the sale of these assets. An initial payment of $0.4 million was recorded as a gain on sale of intellectual property at closing. On April 28, 2024, the Company negotiated an amendment to the agreement. In exchange for a second non-refundable payment of approximately $0.8 million the Company agreed to give up two potential future payments associated with two milestones. This nondilutive payment was received by the Company at the signing of the amendment and was recorded as a gain on sale of intellectual property. Per the amended terms, total potential payments remaining, if certain milestones are achieved, is approximately $7.6 million. The Company did not recognize a gain for any potential future payments as the milestones are not considered to be probable or measurable. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Subsequent Events [Text Block] | 10. Subsequent Events On July 24, 2024, Panbela and its wholly-owned subsidiary, CPP, entered into the Loan Agreement with USWM by executing and delivering to USWM the USWM Term Note. Pursuant to the Loan Agreement, the Panbela and CPP obtained a term loan from USWM in the original principal amount of $1,500,000 (the “USWM Loan”). The USWM Loan is scheduled to mature on the first to occur of: (i) the closing of a Qualifying Financing (as defined in the USWM Term Note); (ii) the closing of a Qualifying Transaction (as defined in the USWM Term Note) (the “Transaction Maturity Date”); and (iii) December 31, 2024 (as applicable, the “Financing Maturity Date”). As used in the USWM Term Note, (a) “ Qualifying Financing Qualifying Transaction The USWM Term Note had an original principal amount of $1,500,000 and bears interest and premium as follows: (i) interest and premium in the amount of $375,000 due and payable on the Financing Maturity Date; plus (ii) interest and premium in an amount equal to ten percent (10%) of all proceeds generated by the Company pursuant to a Qualifying Transaction (the “Qualifying Transaction Payment”), due and payable on the Transaction Maturity Date, provided, however, that the Qualifying Transaction Payment shall not exceed $1,000,000. The Company may prepay all or part of the USWM Term Note at any time without penalty. The USWM Loan proceeds may only be used by the Company for payment of fees and expenses owed to its CRO for the ASPIRE trial, for other working capital purposes, and to pay any fees or expenses in connection with the USWM Loan. To secure their obligations under the Loan Agreement and USWM Term Note, Panbela and CPP entered into a Security Agreement in favor of the USWM whereby each granted to USWM a first priority security interest in all of Panbela’s and CPP’s rights, title and interest in the Asset Purchase Agreement, dated July 17, 2023, by and among USWM, Panbela, and CPP. Effective as of July 31, 2024, Panbela issued a promissory note in the principal amount of $100,000 to current member of its Board of Directors, D. Robert Schemel, in exchange for a short term loan of the same amount. In accordance with our related party transaction approval policy, the transaction was approved by the audit committee of our Board of Directors, with Mr. Schemel abstaining from deliberation and voting on the matter. The promissory note is scheduled to mature on September 30, 2024 and bears interest at 10% per annum. The promissory note is subordinate to the UWSM Loan in right of repayment. | 12. Subsequent Events Issuance of common stock and warrants in January 2024 On January 31, 2024, the Company completed a registered public offering and issued an aggregate of 794,000 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,581,000 shares of common stock at an exercise price of $0.001 per shares and warrants to purchase up to an aggregate of 8,750,000 shares of its common stock. The initial exercise price of the warrants is $2.06 per underlying share. The securities were issued for a combined offering price of $2.06 per share of common stock and 2.0 warrants, or $2.059 per pre-funded warrant and 2.0 warrants. Net proceeds from the offering totaled approximately $8.2 million. As of March 4, 2024, all pre-funded warrants had been exercised. The securities were offered pursuant to an effective registration statement on Form S-1. |
Note 1 - Business_2
Note 1 - Business | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business Panbela Therapeutics, Inc. (“Panbela”) and its direct wholly owned subsidiaries: Panbela Research, Inc. (“Panbela Research”) Cancer Prevention Pharmaceuticals, Inc. (“CPP”) and Cancer Prevention Pharma (Ireland) Limited (“Cancer Prevention”) exist for the primary purpose of developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs. Panbela Therapeutics Pty Ltd is a wholly owned subsidiary of Panbela Research organized under the laws of Australia. Cancer Prevention has two wholly owned dormant subsidiaries: Cancer Prevention Pharma Limited, a United Kingdom entity, and Cancer Prevention Pharmaceuticals, LLC, an Arizona limited liability company. Panbela Therapeutics, Inc., together with its direct and indirect subsidiaries are collectively referred to throughout this report as “we,” “us,” “our,” and the “Company.” The primary objective of our pipeline is the utilization of pharmacotherapies to reduce or normalize increased disease-associated polyamines using complementary pharmacotherapies. Our lead candidates are ivospemin (SBP-101) for which we have exclusively licensed the worldwide rights from the University of Florida Research Foundation, Inc., Flynpovi™ a combination of eflornithine (CPP-1X) and sulindac and eflornithine (CPP-1X) alone in tablet or sachet form. We have exclusively licensed rights from the Arizona Board of Regents of the University of Arizona to commercialize Flynpovi. Reverse stock splits Effective January 13, 2023, June 1, 2023, and January 18, 2024, the Company's Board of Directors approved one-for- forty thirty twenty | 1. Business Panbela Therapeutics, Inc. (“Panbela”) and its direct wholly owned subsidiaries: Cancer Prevention Pharmaceuticals, Inc. (“CPP”) and Panbela Research, Inc. (“Panbela Research”) and Cancer Prevention Pharmaceuticals, LTD (Ireland) and their respective subsidiaries, all of which are wholly owned, exist for the primary purpose of developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs. Panbela Therapeutics Pty Ltd is a wholly owned subsidiary of Panbela Research organized under the laws of Australia. CPP has two wholly owned dormant subsidiaries: Cancer Prevention Pharma Limited, a United Kingdom entity, and Cancer Prevention Pharmaceuticals, LLC, an Arizona limited liability company. Panbela, together with its direct and indirect subsidiaries is referred to as “we,” “us,” “our,” and the “Company.” The primary objective of our pipeline is the utilization of pharmacotherapies to reduce or normalize increased disease-associated polyamines using complementary pharmacotherapies. Our lead candidates are ivospemin (SBP-101) for which we have exclusively licensed the worldwide rights to from the University of Florida Research Foundation, Inc. and Flynpovi™ a combination of eflornithine (CPP-1X) and sulindac. We have exclusively licensed rights from the Arizona Board of Regents of the University of Arizona to commercialize Flynpovi. Acquisition of CPP On June 15, 2022, we completed the previously announced strategic business reorganization and acquisition of CPP pursuant to the agreement and plan of merger, dated as of February 21, 2022 (the “Merger Agreement”), by and among Panbela, CPP, Panbela Research, Canary Merger Subsidiary I, Inc. (“Merger Sub I”), and Canary Merger Subsidiary II, Inc. (“Merger Sub II”). Pursuant to the terms of the Merger Agreement, (i) Merger Sub I, then a wholly owned subsidiary of Panbela, which was itself a wholly owned subsidiary of Panbela Research, merged with and into Panbela Research (the “First Merger”), with Panbela Research surviving the First Merger, and (ii) Merger Sub II, then a wholly owned subsidiary of Panbela, merged with and into CPP (the “Second Merger” and, together with the First Merger, the “Mergers”), with CPP surviving the Second Merger. As a result of the Mergers, each of Panbela Research and CPP became a wholly owned subsidiary of Panbela. In addition, in connection with the consummation of the Mergers, then “Panbela Therapeutics, Inc.” was renamed to “Panbela Research, Inc.” and then “Canary Merger Holdings, Inc.” was renamed to “Panbela Therapeutics, Inc.” See Note 6, “Asset Acquisition,” for additional information. Reverse stock splits Effective January 13, 2023, June 1, 2023, and January 18, 2024, the Company's Board of Directors approved one-for- forty |
Note 2 - Risks and Uncertaint_2
Note 2 - Risks and Uncertainties | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Nature of Operations [Text Block] | 2. Risks and Uncertainties The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (the “FDA”) in the United States, the Therapeutic Goods Administration in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may take many years, and is normally expected to involve substantial expenditures. On March 5, 2024, the Nasdaq Stock Market LLC (“Nasdaq”) notified us that the Nasdaq Hearings Panel had determined to delist our common stock and trading of our common stock was suspended on Nasdaq effective March 7, 2024. On April 17, 2024, our common stock became eligible for quotation on the OTCQB. Also in April 2024, Nasdaq filed a Form 25 Notification of Removal from Listing with the U.S. Securities and Exchange Commission (the “SEC”) and the delisting of our common stock from Nasdaq became effective ten days later. We have applied to relist our common stock on the Nasdaq. No assurances can be given that we will satisfy the initial listing criteria, the application will be approved, or, if listed, that a trading market will develop or be maintained. In the interim, we intend to maintain the existing eligibility for quotation of our common stock on the OTCQB under its current symbol, “PBLA.” We have incurred losses of $139.8 million since our inception in 2011. For the six months ended June 30, 2024, we incurred a net loss of $14.3 million. We also incurred negative cash flows from operating activities of approximately $10.4 million for this period. As we continue to pursue development activities and seek commercialization, we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of June 30, 2024, we had cash of approximately $59,000, working capital deficit of $16.0 million, (working capital is defined as current assets less current liabilities), and stockholders’ deficit of $10.6 million. The Company’s principal sources of cash have historically included the issuance of debt and equity securities. As previously announced, our contract research organization (“CRO”) for the ASPIRE trial notified the Company of their intent to terminate our relationship as of June 15, 2024 if we were unable to pay the balance due within a satisfactory timeframe. In exchange for a $1.5 million payment made on July 26, 2024, our CRO for the ASPIRE trial has provided an extension of their intent to terminate our relationship to August 19, 2024. The payment to that CRO was funded by proceeds from a loan secured by the Company, as further described in both Note 4, titled “Liquidity and Business Plan” and Note 10, titled “Subsequent Events”. If we are unable to pay the remaining balance due, or unable to negotiate an extension, by August 16, 2024, the CRO will begin termination procedures as of August 19, 2024. The balance due totaled $11.2 million as of June 30, 2024, and is recorded in the Company’s current liabilities. If the CRO terminates the relationship, the ASPIRE trial could be delayed. The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed | 2. Risks and Uncertainties The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration in the United States, the Therapeutic Goods Administration in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may take many years, and is normally expected to involve substantial expenditure. We have incurred losses of $125.5 million since our inception in 2011. For the year ended December 31, 2023, we incurred a net loss of $25.3 million. Not reflected in the net loss for the year ended December 31, 2023, was an adjustment to accumulated loss of $9.1 million associated with the cost to induce warrant exercises. We incurred negative cash flows from operating activities of approximately $25.2 million for this period. As we continue to pursue development activities and seek commercialization of our lead assets, we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of December 31, 2023, we had cash of $2.6 million, negative working capital of $9.3 million (current assets less current liabilities), and stockholders’ deficit of $4.7 million. The Company’s principal sources of cash have historically included the issuance of equity securities and convertible debt. The accompanying Consolidated Financial Statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business and do not include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our ability to continue as a going concern, realize the carrying value of our assets and discharge our liabilities in the ordinary course of business is dependent upon a number of factors, including our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our ivospemin (SBP-101), eflornithine (CPP-1X) and eflornithine sachets (CPP-1X-S) product candidates in the United States, Australia, the European Union or other markets, and Flynpovi outside of North America and ultimately our ability to market and sell our product candidates. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note 3 titled “Liquidity and Management Plans”. |
Note 3 - Liquidity and Manageme
Note 3 - Liquidity and Management Plans | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Substantial Doubt about Going Concern [Text Block] | 4. Liquidity and Business Plan On July 24, 2024, Panbela and its wholly-owned subsidiary, CPP, entered into a Loan Agreement (the “Loan Agreement”) with USWM, LLC (“USWM”) by executing and delivering to the Lender a Term Promissory Note (the “USWM Term Note”). Pursuant to the Loan Agreement, Panbela and CPP obtained a term loan from USWM in the original principal amount of $1,500,000 (the “USWM Loan”). The Loan Agreement and USWM Term Note are described in more detail in Note 10 titled “Subsequent Events”. On January 31, 2024, the Company completed a registered public offering of common stock and warrants to purchase shares of common stock which resulted in gross proceeds of approximately $9.0 million. During the year ended December 31, 2023, the Company completed two registered offerings of common stock and warrants to purchase shares of common stock. On June 21, 2023 and January 31, 2023, the Company completed registered public offerings for gross proceeds of approximately $8.5 million and $15.0 million, respectively. The Company provided inducement warrants to certain shareholders to exercise their warrants. On November 2, 2023 gross proceeds were approximately $1.9 million and on December 21, 2023 the gross proceeds were approximately $2.0 million from these transactions. During 2023, the Company also sold shares of common stock via an At the Market (ATM) facility with net proceeds of approximately $1.6 million. We need to raise additional capital to support our current business plans. We may seek to raise additional funds through various sources, such as equity and debt financing, or through strategic collaborations and license agreements. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or if such funds are available to us, that such additional financing will be sufficient to meet our needs or on terms acceptable to us. This risk would increase if our clinical data were not positive or economic and market conditions deteriorate. Our future success is dependent upon our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our product candidates ivospemin, Flynpovi and eflornithine in the United States or other markets and ultimately our ability to market and sell product candidates. If we are unable to obtain additional financing when needed, if our clinical trials are not successful or if we are unable to obtain marketing approval, we would not be able to continue as a going concern and would be forced to cease operations and liquidate our company. There can be no assurances that we will be able to obtain additional financing on commercially reasonable terms, or at all. The sale of additional convertible debt or equity securities would likely result in dilution to our current stockholders. | 3. Liquidity and Management Plans We will need to seek additional sources of funds to support our current business plans. We may seek to raise additional funds through various sources, such as equity and debt financing, or through strategic collaborations and license agreements. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or if such funds are available to us, that such additional financing will be sufficient to meet our needs or on terms acceptable to us. This risk would increase if our clinical data were not positive or economic and market conditions deteriorate. If we are unable to obtain additional financing when needed, we would need to scale back our operations taking actions that may include, among other things, reducing use of outside professional service providers, reducing staff or staff compensation, significantly modify or delay the development of our product candidates, license to third parties the rights to commercialize our product candidates as therapies in cancer or auto-immune diseases or other applications that we would otherwise seek to pursue, or cease operations. Subsequent to December 31, 2023, the Company completed a registered public offering of common stock and warrants to purchase shares of common stock for gross proceeds of approximately $9.0 million. See Note 12 for additional information regarding the offer. During the year ended December 31, 2023 the Company completed two registered offerings of common stock and warrants to purchase shares of common stock. For June 21, 2023 offering gross proceeds were approximately $8.5 million. For January 31, 2023 offering gross proceeds were approximately $15.0 million. See Note 9 for additional information regarding the offerings. The Company provided inducement warrants to certain shareholders to exercise their warrants. On November 2, 2023 gross proceeds were approximately $1.9 million and on December 21, 2023 the gross proceeds were approximately $2.0 million from these transactions. See Note 9 for additional information regarding these inducement offerings. During 2023 and 2022 the company also sold shares of common stock via an At the Market (ATM) facility. During the year ended December 31, 2023 net proceeds were approximately $1.6 million. During the year ended December 31, 2022 net proceeds were approximately $46,000. See Note 9 for additional information regarding the ATM facility. On October 4, 2022, the Company completed a registered public offering offerings of common stock and warrants to purchase shares of common stock for gross proceeds of approximately $6.0 million. See Note 9 for additional information regarding the offering. Much of the development efforts under way regarding the asset acquired in the CPP acquisition are funded by a licensing partner, see Note 8, “License Agreement for the Development and Commercialization of Flynpovi”, or collaborations with outside organizations including National Cancer Institute (“NCI”) and the Juvenile Diabetes Research Foundation (“JDRF”). Based on the proceeds from the January 2024 offering it is expected that our cash will last into the second quarter of 2024. Our future success is dependent upon our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for ivospemin (SBP-101), Flynpovi, eflornithine (CPP-1X) and eflornithine sachets (CPP-1X-S) in the United States or other markets and ultimately our ability to market and sell our product candidates. If we are unable to obtain additional financing when needed, if our clinical trials are not successful or if we are unable to obtain marketing approval, we would not be able to continue as a going concern and would be forced to cease operations and liquidate our company. There can be no assurances that we will be able to obtain additional financing on commercially reasonable terms, or at all. The sale of additional equity securities or convertible debt would likely result in dilution to our current stockholders. |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | 5. Summary of Significant Accounting Policies Principles of consolidation The accompanying condensed consolidated financial statements include the assets, liabilities, and expenses of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates, particularly given the significant social and economic disruptions and uncertainties with the ongoing pandemic and control responses. Research and development costs Research and development costs include expenses incurred in the conduct of our clinical trials; for third-party service providers performing various testing and accumulating data related to our preclinical studies; sponsored research agreements; developing and scaling the manufacturing process necessary to produce sufficient amounts of drug product for our product candidates for use in our pre-clinical studies and human clinical trials; consulting resources with specialized expertise related to execution of our development plan for our product candidates; personnel costs, including salaries, benefits and share-based compensation; and costs to license and maintain licensed intellectual property. We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are, and will be, performed at clinical trial sites and are administered jointly by us with assistance from CROs. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. The cost to secure certain third-party drug product for the clinical trials, which is often paid for in advance of delivery, is charged to research and development when it is received and available to be shipped to clinical sites. All material CRO contracts are terminable by us upon written notice, and we are generally only liable for actual effort expended by the CROs and certain non-cancelable expenses incurred at any point of termination. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. Stock-based compensation In accounting for stock-based incentive awards, we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the fair value of those awards on the grant date. Calculating stock-based compensation expense requires the input of highly subjective assumptions, which represent our best estimates and involve inherent uncertainties and the application of management’s judgment. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based on historical company share price volatility. The assumed dividend yield is zero Foreign currency translation adjustments The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar. Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Australia Pty Ltd, are translated into U.S. dollars at period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive loss presented within the stockholders’ equity. During the six-month periods ended June 30, 2024 and 2023, any reclassification adjustments from accumulated other comprehensive loss to operations were inconsequential. Comprehensive loss Comprehensive loss consists of our net loss and the effects of foreign currency translation. Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is based on the weighted average of common shares outstanding during the period plus dilutive potential common shares calculated using the treasury stock method. Such potentially dilutive shares are excluded when the effect is anti-dilutive or reduce a net loss per share. The Company’s potentially dilutive shares, which include outstanding common stock options, and warrants, have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive. The following table sets forth the potential shares of common stock that were not included in the calculation of diluted net loss per share as their effects would have been anti-dilutive as of the dates indicated: June 30, 2024 2023 Employee and non-employee stock options 607 607 Common stock issuable under common stock purchase warrants 9,090,939 10,139 9,091,546 10,746 | 4. Summary of Significant Accounting Policies Basis of presentation We have prepared the accompanying Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our fiscal year ends on December 31. Principles of consolidation The accompanying Consolidated Financial Statements include the assets, liabilities and expenses of Panbela Therapeutics, Inc. and our direct and indirect subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Business Combinations and Asset Acquisition We account for acquired businesses using the acquisition method of accounting, which requires that the assets acquired, and liabilities assumed be recorded at the date of acquisition at their respective fair values if the acquisition meets the definition of a business combination. If the acquisition does not meet the definition of a business combination, then it is accounted for as an asset acquisition and the purchase consideration is allocated to the acquired assets. ASC 805, Business Combinations, provides a model for determining whether an acquisition represents a business combination. In order to be a business, the integrated set of activities of the acquired entity needs to have an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired entity must also pass the “Screen Test” which involves determining whether the acquisition represents an in-substance asset acquisition based on whether the fair value of the gross assets acquired is “substantially all” concentrated in a single asset or group of similar assets. This evaluation excludes certain acquired assets such as cash, deferred taxes, and goodwill associated with deferred taxes, but includes all other gross assets, including any consideration transferred in excess of the identified assets. Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand accounts at commercial banks. At times, such deposits may be in excess of insured limits. As of December 31, 2023, $2.3 million of the Company’s cash was in excess of insured limits. The Company has not experienced any losses on its deposits of cash. Cash and cash equivalents Cash equivalents include short-term, highly liquid investments with maturities of three months or less. Other noncurrent assets Other noncurrent assets are comprised primarily of long-term deposits with contract research organizations (“CROs”). These amounts are recognized as operating expenses or research and development expense as the trial is completed. Research and development costs Research and development costs include expenses incurred in the conduct of our human clinical trials, for third-party service providers performing various testing and accumulating data related to our preclinical studies; sponsored research agreements; developing and scaling the manufacturing process necessary to produce sufficient amounts of the SBP-101, Flynpovi and CPP-1X compounds for use in our pre-clinical studies and human clinical trials; consulting resources with specialized expertise related to execution of our development plan for our product candidates; personnel costs, including salaries, benefits and share-based compensation; and costs to license and maintain our licensed intellectual property. We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from CROs. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as site openings, patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. Research and development costs also include IPR&D. This asset was acquired from the security holders of CPP and written off to research and development expense immediately subsequent to the asset acquisition. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. Clinical Trial Accruals Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as clinical site activations, patient enrollment or information provided to the Company by its vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services are performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion, or the services completed. The Company’s estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. Stock-based compensation In accounting for stock-based incentive awards, we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based primarily on the volatility rates of the Company’s common stock. The assumed dividend yield is zero The fair value of restricted stock units is calculated as the fair value of the underlying common stock as of the date of grant. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company has provided a full valuation allowance against the gross deferred tax assets as of December 31, 2023 and 2022. The Company’s policy is to classify interest and penalties related to income taxes as income tax expense in the Consolidated Statements of Operations and Comprehensive Loss. Foreign currency translation The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Pty Ltd are translated into U.S. dollars at period-end exchange rates. Expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive gain (loss) in the Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, any reclassification adjustments from accumulated other comprehensive gain to operations were inconsequential. The Company records transactions denominated in foreign currencies at the exchange rate in effect on that date. Fluctuations between the transaction date and settlement date are recognized as transaction gain/loss. Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. For the year ended December 31, 2023 the numerator was adjusted by the cost of the warrant inducement of approximately $9.1 million. The following outstanding potential common shares were not included in the diluted net loss per share calculations as their effects were not dilutive: December 31, 2023 2022 Employee and non-employee stock options 607 104 Common stock issuable under common stock purchase warrants 345,956 1,483 346,563 1,587 Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Specifically, we reclassified $0.1 million of prepaid expenses from current to non-current as of December 31, 2022. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07: Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This update will improve reportable segment disclosure requirements by enhancing disclosures around significant segment expenses and disclosures around the CODM, pertaining to what measures are used to evaluate profit or loss and such measures are used in assessing segment performance. These amendments will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities. ASU 2023-07 is effective for public entities' fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company only has one reportable segment and thus, the adoption of this ASU will not have a material impact on the financial statements and related disclosures. Recently Adopted Accounting Pronouncements Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The FASB is issuing this Update (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accrued Liabilities [Text Block] | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2023 2022 Clinical trial and related expenses $ 290 $ 1,760 Incentive compensation 420 550 Severance pay and other payroll related 96 448 Professional services 166 147 Other 169 88 Total accrued liabilities $ 1,141 $ 2,993 |
Note 6 - Asset Acquisition
Note 6 - Asset Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | 6. Asset Acquisition On June 15, 2022, the Company completed the previously announced strategic business reorganization and acquisition of CPP through the Mergers. Under the terms of the Merger Agreement, the holders of CPP’s outstanding capital stock immediately prior to the Merger received shares of common stock of Panbela upon closing of the Merger. The stockholders of Panbela Research retained a majority of the outstanding shares of Panbela, the post-merger holding company. CPP stockholders will be eligible to receive contingent payments totaling a maximum of $60 million from milestone and royalty payments associated with the potential approval and commercialization of eflornithine, the lead asset. We performed the “screen test,” to determine if substantially all of the fair value of the gross assets acquired in the Mergers is concentrated in a single identifiable asset or group of similar identifiable assets. CPP’s lead asset, eflornithine in three forms, including Flynpovi (eflornithine (CPP-1X) and sulindac), eflornithine (CPP-1X), and eflornithine sachets (CPP-1X-S), were identified as the single identifiable asset consisting of IPR&D. Accordingly, our acquisition of CPP has been recorded as an asset acquisition. The contract consideration for the assets acquired includes certain contingent consideration which at the acquisition date is neither probable of occurring nor reasonably estimable. As such, the value of this contingent consideration has been excluded from the allocation of the purchase price below. Acquisition-related transaction costs incurred have been recorded as additional investment in IPR&D. The following is a summary of the purchase consideration and the allocation of that purchase consideration in connection with the CPP asset acquisition: Shares Value (in thousands) Common stock issued to CPP shareholders 113 $ 7,839 Common stock underlying options continued 42 1,637 Common stock underlying warrants replaced 4 129 Total non cash consideration $ 9,605 Transaction costs incurred $ 658 Total Consideration $ 10,263 In process research and development * $ 17,737 Cash 4 Other current assets 230 Accounts payable and accrued expenses (811 ) Accrued interest and notes payable (6,897 ) $ 10,263 * In accordance with FASB ASC Topic 730, Research and Development this asset was immediately expensed upon the closing of the merger. |
Note 7 - Notes Payable
Note 7 - Notes Payable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Debt Disclosure [Text Block] | 6. Notes Payable Sucampo promissory note As of June 30, 2024, CPP had a balance outstanding of approximately $4.3 million for principal and interest under an amended and restated promissory note (the “Sucampo Note). The note was issued with an initial principal amount of approximately $6.2 million in favor of Sucampo GmbH dated as of June 15, 2022. The principal balance outstanding as of June 30, 2024 is approximately $4.2 million under the Sucampo Note and it bears simple interest at a rate of 5% per annum. All unpaid principal, together with any then unpaid and accrued interest is payable as follows: (i) $1.0 million, plus all interest accrued but unpaid on or before each of January 31, 2025, and January 31, 2026; and (ii) all remaining principal plus accrued but unpaid interest on or before January 31, 2027. On March 8, 2024, the Company paid the second installment on the balance due of $1.0 million plus accrued interest of approximately $260,000. This payment was made prior to the expiration of a grace period provided by the lender. As of June 30, 2024, the Company was current in all payments due under the Sucampo Note and the accrued and unpaid interest on this note was approximately $87,000. Panbela has agreed to guarantee CPP’s payment obligations under the Sucampo Note pursuant to a Guaranty dated as of June 15, 2022. | 7. Notes Payable Sucampo Promissory Note As of December 31, 2023 and December 31, 2022, CPP had a balance outstanding of approximately $5.4 million principal and interest and approximately $6.4 million principal and interest, respectively, under an amended and restated promissory note (the “Sucampo Note”) issued with an initial principal amount of approximately $6.2 million in favor of Sucampo GmbH dated as of June 15, 2022. The principal balance outstanding under the Sucampo Note bears simple interest at a rate of 5% per annum. On February 1, 2023, Panbela paid the first installment on the balance due of $1.0 million plus accrued and unpaid interest of approximately $295,000. On March 8, 2024, the company paid the second installment on the balance due of $1.0 plus accrued and unpaid interest of approximately $259,000. This payment was made prior to the expiration of a grace period provided by the lender. All remaining unpaid principal, together with any then unpaid and accrued interest is payable as follows: (i) $1.0 million, plus all interest accrued but unpaid on or before each of January 31, 2025 and January 31, 2026; and (ii) all remaining principal plus accrued but unpaid interest on or before January 31, 2027. As of December 31, 2023 and December 31, 2022, the accrued and unpaid interest on this note was approximately $238,000 and $243,000, respectively. Panbela has agreed to guarantee CPP’s payment obligations under the Sucampo Note pursuant to a Guaranty dated as of June 15, 2022. Tillotts Promissory Note As of December 31, 2022, CPP had a balance outstanding of approximately $0.7 million representing principal and interest under an amended promissory note issued with an initial principal amount of approximately $650,000 in favor of Tillotts Pharma AG. The principal balance and accrued and unpaid interest were paid in full on January 31, 2023. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies License agreement with the University of Florida Research Foundation On December 22, 2011, we entered into an exclusive license agreement with the University of Florida Research Foundation (“UFRF”). This license agreement was amended on December 12, 2016 (“First Amendment”) and again on October 3, 2019 (“Second Amendment”). The license agreement requires the Company to pay royalties to UFRF ranging from 2.5% to 5% of net sales of licensed products developed from the licensed technology. The Second Amendment eliminated all minimum annual royalties and modified the duration of royalty payments to the shorter of (1) ten The amended license agreement remains subject to customary and usual termination provisions. The Company must also pay an annual license maintenance fee of $10,000. License Agreement with the University of Arizona CPP is party to a license agreement with the Arizona Board of Regents of the University of Arizona (the “University”). Pursuant to an Inter-institutional Agreement, the Regents of the University of California on behalf of the University of California, Irvine, has agreed to license certain patents, provisional patents, clinical trial data and other intellectual property related to the chemoprevention of cancer, the prevention of polyps and other technologies to CPP. The University has the right to administer the joint patent rights held between the University and the University of California, Irvine. The license agreement gives CPP exclusive rights to commercialize products based on intellectual property. In exchange for the intellectual property, CPP paid the University certain fees and reimbursements of patent costs and granted the university a warrant to acquire shares of CPP. As a result of the Mergers, the warrant was replaced with a warrant to purchase 4 shares of common stock of Panbela at a price of $6,720.00 per share. This warrant will expire on May 28, 2024. CPP also agreed to pay the University additional milestone payments totaling up to $90,000 upon the achievement of certain research, development and regulatory milestones. Future milestone payments are considered to be contingent consideration and will be accrued when probable of being paid. As of December 31, 2023, no milestone payments were probable of being paid. Sponsored Research Agreement with the Johns Hopkins University |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Equity [Text Block] | 7. Stockholders Equity Public offering of common stock and warrants January 2024 On January 31, 2024, the Company completed a registered public offering and issued an aggregate of 794,000 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,581,000 shares of common stock at an exercise price of $0.001 per shares and warrants to purchase up to an aggregate of 8,750,000 shares of its common stock. The initial exercise price of the warrants is $2.06 per underlying share. The securities were issued for a combined offering price of $2.06 per share of common stock and 2 warrants, or $2.059 per pre-funded warrant and 2 warrants. Net proceeds from the offering totaled approximately $8.1 million. As of June 30, 2024, all pre-funded warrants had been exercised. The securities were offered pursuant to an effective registration statement on Form S-1. Reverse stock splits The Company effected a reverse stock split of one-for-twenty (1:20) on January 18, 2024. This reverse stock split was approved by the Company’s shareholders at a special meeting on December 19, 2023, and by our Board of Directors on January 13, 2024. On January 18, 2024, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-twenty (1:20) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective January 18, 2024. The Company effected a reverse stock split of one-for-thirty (1:30) on June 1, 2023. This reverse stock split was approved by the Company’s shareholders at our annual shareholders meeting on May 25, 2023, and by our Board of Directors on June 1, 2023. On June 1, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-thirty (1:30) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective June 1, 2023. The Company effected a reverse stock split of one-for-forty (1:40) on January 18, 2023. This reverse stock split was approved by the Company’s shareholders at our special meeting of our shareholders on November 29, 2022, and by our Board of Directors on January 5, 2023. On January 18, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-forty (1:40) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective January 18, 2023. The following shares of common stock were reserved for future issuance as of the date indicated: June 30, 2024 Stock options outstanding 607 Shares available for grant under equity incentive plan 163,800 Warrants outstanding 9,090,939 9,255,346 | 9. Stockholders Equity Warrant Exercise Inducements & Private Placement of Class D Warrants On December 21, 2023, we entered into warrant exercise inducement offer letters with certain holders of existing Class C warrants to purchase our common stock, pursuant to which the holders agreed to exercise for cash their existing warrants to purchase 127,800 shares of our common stock, in the aggregate, at their existing exercise price of $15.60 per share, in exchange for our agreement to issue new Class D common stock purchase warrants to purchase up to an aggregate of 255,600 shares of our common stock. The Company received aggregate gross proceeds of approximately $2.0 million from the exercise of the existing warrants. The Class D warrants had an initial exercise price of $19.00 per share and will only be exercisable contingent upon and after receiving stockholder approval as required by listing rules of Nasdaq and may be exercised until five years from the date of such stockholder approval, if any. The exercise price is separately subject to reduction in the event of certain future dilutive issuances of shares of our common stock by the Company, including pursuant to common stock equivalents and convertible or derivative securities, upon any intervening reverse stock splits, and upon receipt of the stockholder approval. As of December 31,2023, all of the Class D warrants remained outstanding but unexercisable pending stockholder approval. We have agreed to call a meeting to seek stockholder approval of the issuance of the shares of our common stock underlying the new warrants within six months and to file a registration statement covering the resale of the shares underlying the Class D warrants no later than the Company’s due date for filing the annual report on form 10-K. Additionally, the Company agreed not to effect or agree to effect any variable rate transaction (as defined in the inducement letters) for one year, other than an at-the-market offering, which may be effected after six months. Warrant Exercise Inducements & Private Placement of Class C Warrants On November 2, 2023, we entered into warrant exercise inducement offer letters with certain holders of existing Class A and Class B warrants to purchase our common stock, pursuant to which the holders agreed to exercise for cash their existing Class A and Class B warrants to purchase 106,500 shares of our common stock, in the aggregate, at a reduced exercise price of $15.60 per share, in exchange for our agreement to issue new Class C common stock purchase warrants to purchase up to an aggregate of 213,000 shares of our common stock. The Company received aggregate gross proceeds of approximately $1.9 million from the exercise of the existing Class A and Class B warrants and purchase of the Class C warrants. The Class C warrants had an initial exercise price of $15.60 per share and were exercisable upon the date of stockholder approval through the date that is five years from the date of any stockholder approvals necessary under the listing rules of Nasdaq. Our stockholders approved the issuance of the underlying shares of common stock at a special meeting held on December 19, 2023. We agreed to file a registration statement covering the resale of the shares issued or issuable upon the exercise of the Class C warrants and a registration statement on Form S-1 (File No. 333-275733) was declared effective by the SEC on December 20, 2023. As of December 31, 2023 there are 80,200 Class C Warrants outstanding. Public offering of common stock and warrants June 2023 On June 21, 2023, the Company completed a registered public offering and issued an aggregate of 29,300 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 84,200 shares of common stock at an exercise price of $0.001 per share and warrants to purchase up to an aggregate of 227,000 shares of its common stock at an exercise price of $75.00 per share. The securities were issued for a combined offering price of $75.00 per share of common stock and warrants to purchase two shares, or $74.999 per pre-funded warrant and warrants to purchase two shares. Net proceeds from the offering totaled approximately $7.7 million. As of December 31, 2023, all pre-funded warrants had been exercised. The securities were offered pursuant to an effective registration statement on Form S-1. Of the remaining warrants, warrants to purchase 113,500 shares of common stock, have an alternative cashless exercise provision pursuant to which the holder may provide notice and receive an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise and (y) 0.24. This feature became available on June 28, 2023. As of December 31, 2023, 6,169 shares of common stock had been issued for 25,705 warrants to purchase shares of common stock. As of December 31, 2023, warrants to purchase 9,595 shares of common stock remained outstanding with an adjusted exercise price of $12.39 per shares, of which warrants to purchase 2,595 were eligible for alternative cashless exercise. Public offering of common stock and warrants January 2023 On January 30, 2023, the Company completed a registered public offering and issued an aggregate of 8,070 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,054 shares of common stock at an exercise price of $0.001 per share and warrants to purchase up to an aggregate of 22,250 shares of its common stock at an exercise price an initial exercise price of $1,650.00 per share. The securities were issued for a combined offering price of $1,350.00 per share of common stock and warrants to purchase two shares, or $1,349.999 per pre-funded warrant and warrants to purchase two shares. Net proceeds from the offering totaled approximately $13.8 million. The securities were offered pursuant to an effective registration statement on Form S-1. All of the pre-funded warrants were exercised by February 3, 2023. The remaining warrants have an alternative cashless exercise provision pursuant to which the holder may provide notice and receive an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise and (y) 0.75. This feature became available on March 1, 2023 and as of as of December 31, 2023, 16,590 shares of common stock had been issued for warrants to purchase 22,120 shares. Warrants to purchase 128 shares of common stock remained outstanding as of December 31, 2023 with an exercise price as adjusted, of $12.39 per share. Public offering of common stock and warrants On October 4, 2022, the Company completed a registered public offering and issued an aggregate of 295 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 542 shares of common stock at an exercise price of $0.001 per share and warrants to purchase up to an aggregate of 1,256 shares of its common stock at an exercise price of $108,960.00 per share. The securities were issued for a combined offering price of $7,200.00 per share of common stock and 1.5 warrants, or $7,199.999 per pre-funded warrant and 1.5 warrants. Net proceeds from the offering totaled approximately $5.3 million. All pre-funded warrants were exercised by December 31, 2022. The securities were offered pursuant to an effective registration statement on Form S-1. At-the-Market Program On July 19, 2022, Panbela Therapeutics, Inc. (the “Company”), entered into a Sales Agreement with Roth Capital Partners, LLC (the “Agent”) to sell shares of the Company’s common stock having an aggregate gross sales price of up to $8,400,000, from time to time, through an “at-the-market” equity offering program (the “ATM Program”). Under the ATM Program, the Company pays Roth a commission equal to 3.0% of the aggregate gross proceeds of any sales of common stock under the ATM Program. During the years ended December 31, 2023 and December 31, 2022, the Company sold 915 and 47 shares of common stock, respectively, under the ATM Offering and generated approximately net proceeds for the same periods of approximately $1.6 million and approximately $46,000, respectively. Reverse Stock Splits On December 19, 2023, the Company held a special meeting of its stockholders at which the stockholders approved a proposal to effect an amendment to the Company's certificate of incorporation, as amended, to implement a reverse stock split at a ratio ranging from any whole number between one-for-eight (1:8) and one-for-fifty (1:50). On January 13, 2024, the Company's Board of Directors approved the implementation of the reverse stock split at a ratio of one-for-twenty (1:20) of the Company's Common Stock. As a result of the reverse stock split, every twenty No one-for-twenty The Company effected a reverse stock split of one-for-thirty (1:30) on June 1, 2023. This reverse stock split was approved by the Company’s shareholders at our annual shareholders meeting on May 25, 2023 and by our Board of Directors on June 1, 2023. On June 1, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-thirty (1:30) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective June 1, 2023. The Company effected a reverse stock split of one-for-forty (1:40) on January 18, 2023. This reverse stock split was approved by the Company’s shareholders at our special meeting of our shareholders on November 29, 2022 and by our Board of Directors on January 5, 2023. On January 18, 2023, the Company filed a Certificate of Amendment of its Certificate of Incorporation, as amended with the Secretary of State of Delaware effecting a one-for-forty (1:40) reverse stock split of the shares of the Company’s common stock, issued and outstanding, effective January 18, 2023. Shares reserved Shares of common stock reserved for future issuance were as follows as of December 31, 2023: Stock options outstanding 607 Shares available for grant under equity incentive plan - Common shares issuable under outstanding common stock purchase warrants 345,956 346,563 |
Note 10 - Stock-Based Compensat
Note 10 - Stock-Based Compensation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Share-Based Payment Arrangement [Text Block] | 8. Stock-based Compensation 2016 Omnibus Incentive Plan The 2016 Omnibus Incentive Plan, as amended (the “2016 Plan”) initially authorized the issuance of up to 116 shares of our common stock pursuant to awards granted thereunder and 164,246 shares have been added pursuant to its annual evergreen feature. As of June 30, 2024, options to purchase 561 shares of our common stock were outstanding under the 2016 Plan with a weighted average price of $14,420.00 per share and average remaining life of approximately 8.4 years. Approximately 163,800 shares of our common stock remained available for future grants under the 2016 Plan as of the same date. 2011 Stock Option Plan Our Board of Directors ceased making awards under the Panbela Therapeutics, Inc. 2011 Stock Option Plan (the “2011 Plan”) upon the original receipt of stockholder approval for the 2016 Plan in May 2016. Awards outstanding under the 2011 Plan remain outstanding in accordance with and pursuant to the terms thereof. As of June 30, 2024, options to purchase 5 shares of our common stock remained outstanding under the 2011 Plan. The weighted average exercise price is $76,200.00 per share, and the average remaining life is approximately 0.7 years. CPP s 2010 Equity Incentive Plan The Company has assumed all remaining rights and obligations with respect to CPP’s 2010 Equity Incentive Plan (the “CPP Plan”) through the issuance of replacement options. As of June 30, 2024, options to purchase 41 shares of our common stock remained outstanding under the CPP Plan, with a weighted average exercise price of $6,743.41 per share, and the average remaining contractual life was 6.2 years. Stock-based compensation expense General and administrative (“G&A”) and research and development (“R&D”) expenses include non-cash stock-based compensation expense as a result of our issuance of stock options. The terms and vesting schedules for stock-based awards vary by type of grant and the employment status of the grantee. The awards granted through June 30, 2024, vest based upon time-based and performance conditions. There was no unamortized stock-based compensation expense related to options granted to employees, directors, and consultants as of June 30, 2024. Stock-based compensation expense for each of the periods presented is as follows (in thousands): Six Months Ended June 30, 2024 2023 General and Administrative $ 68 $ 416 Research and Development 35 93 $ 103 $ 509 There were no options granted, exercised, cancelled, or forfeited during the six months ended June 30, 2024. Information about stock options outstanding, vested and expected to vest as of June 30, 2024 is as follows: Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 8.75 $ 300.00 503 8.75 $5,280 - $7,709 39 6.50 $ 5,280.00 39 6.50 $26,400 - $98,160 37 4.79 $ 79,787.03 37 4.79 $100,080 - $362,400 28 4.79 $ 194,220.00 28 4.79 Totals 607 8.18 $ 14,410.36 607 8.18 | 10. Stock-Based Compensation 2016 Omnibus Incentive Plan The 2016 Omnibus Incentive Plan, as last amended effective April 9, 2020 (the “2016 Plan”), has been approved by our Board of Directors and ratified by our stockholders. The 2016 Plan permits the granting of incentive and non-statutory stock options, restricted stock, stock appreciation rights, performance units, performance shares and other stock awards to eligible employees, directors and consultants. We grant options to purchase shares of common stock under the 2016 Plan with an exercise price no less than the fair market value of the underlying common stock as of the date of grant. Options granted under the 2016 Plan have a maximum term of ten no 2011 Stock Option Plan Prior to approval of the 2016 Plan, stock-based awards were granted under the 2011 Stock Option Plan (the “2011 Plan”). In conjunction with stockholder approval of the 2016 Plan, the Board terminated the 2011 Plan, although awards outstanding under the 2011 Plan will remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the 2011 Plan have a maximum term of ten zero two CPP s 2010 Equity Incentive Plan As a result of the Mergers, the Company has assumed all remaining rights and obligations with respect to CPP’s 2010 Equity Incentive Plan (the “CPP Plan”) through the issuance of replacement options. As of December 31, 2023, options to purchase 41 shares of common stock remained outstanding under the CPP Plan, with a weighted average exercise price of $6,743.41 per share, and the average remaining contractual life was 6.7 years. We recognize stock-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest. A summary of option activity is as follows: Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2022 63 $ 132,059.00 $ - Options continued from CPP Plan 42 6,743.41 Exercised - Cancelled - Forfeitures (1 ) 6,743.41 Balance at December 31, 2022 104 $ 82,655.77 $ - Granted 503 300.00 Exercised - Cancelled - Forfeitures - Balance at December 31, 2023 607 $ 14,410.38 $ - Stock-based compensation expense for each of the periods presented is as follows (in thousands): Year ended December 31, 2023 2022 General and administative $ 643 $ 889 Research and development 180 199 Total stock-based compensation $ 823 $ 1,088 A summary of the status of our unvested shares during the two years ended and as of December 31, 2023 is as follows: Shares Under Option Weighted Average Grant Date Fair Value Unvested at January 1, 2022 18 $ 92,061.33 Granted 42 26,038.83 Vested (52 ) 38,865.69 Forfeitures (1 ) 26,038.83 Unvested at December 31, 2022 7 $ 100,525.71 Granted 503 269.80 Vested (83 ) 7,002.26 Forfeitures - Unvested at December 31, 2023 427 $ 604.69 Information about stock options outstanding, vested and expected to vest as of December 31, 2023, is as follows: Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 9.24 $ 300.00 78 9.24 $5,280 - $7,709 39 7.00 $ 5,280.00 39 7.00 $26,400 - $98,160 37 5.29 $ 79,787.03 35 5.18 $100,080 - $362,400 28 5.29 $ 194,220.00 28 5.29 Totals 607 8.68 $ 14,410.36 180 7.35 As of December 31, 2023, total compensation expense related to unvested employee stock options not yet recognized was $0.1 million, which is expected to be allocated to expenses over a weighted-average period of 0.24 years. Options to purchase 503 shares were issued in the year ended December 31, 2023 at a weighted average exercise price of $300.00. No new options were granted during the year ended December 31, 2022. On June 15, 2022, as a component of the purchase consideration for the acquisition of CPP the Company provided fully vested replacement options to purchase up to 42 shares of common stock at a weighted average exercise price of $6,743.41 per share. The following table reflects the key assumptions used for calculating fair market value for options granted during the year ended December 31, 2023: 2023 Common stock fair value $300.00 Risk-free interest rate 3.59% to 3.60% Expected dividend yield $0.00 Expected Option life (in years) 5.08 to 5.5 Expected stock price volatility 131.3% - 138.0% Non-employee stock-based compensation We account for stock options granted to nonemployees in accordance with Accounting Standards Update (“ASU”) 2019 07, 718 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Taxes We have incurred net operating losses since our inception. We have not reflected the benefit of net operating loss carryforwards in the accompanying financial statements and have established a full valuation allowance against our deferred tax assets. On December 31, 2023 and 2022, the Company had an income tax receivable of approximately $183,000 and $49,000 respectively, comprised of refundable tax incentives related to research and development activities of our subsidiary Panbela Therapeutics Pty Ltd. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as operating losses and tax credit carryforwards. The significant components of our deferred tax assets and liabilities are as follows (in thousands): December 31, Deferred tax assets (liabilities) 2023 2022 Net operating loss carryforwards $ 18,487 $ 17,564 Research credit carryforwards 352 338 Stock-based compensation 2,023 1,928 Section 174 amortization 5,444 1,921 Other 10 68 Deferred tax assets 26,316 21,819 Valuation allowance (26,316 ) (21,819 ) Net deferred tax asset $ - $ - Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carry-forward period. Because of our history of operating losses, management believes that the deferred tax assets arising from the above-mentioned future tax benefits are currently not likely to be realized and, accordingly, we have provided a full valuation allowance. A reconciliation of the statutory tax rates and the effective tax rates is as follows: Year Ended December 31, 2023 2022 Statutory rate 21.00 % 21.00 % Permanent differences - (10.83 ) Change in effective tax rate 0.22 0.04 States 0.68 0.11 Valuation allowance (21.91 ) (13.01 ) Foreign research incentives 0.71 0.14 Other 0.04 2.88 Effective rate 0.74 % 0.33 % 2023 2022 Tax Expense: Current (186 ) (116 ) Deferred - - Noncurrent - - (186 ) (116 ) Net operating losses and tax credit carryforwards as of December 31, 2023, are as follows: (In Thousands) Amount Expiration Years Net operating losses--federal 23,068 Expires beginning 2031 2018 to 2022 net operating losses -- federal 33,513 Never expires 2023 - federal 7,818 Limited to 80% usage Tax credits--federal 352 Beginning 2041 Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the IRC, and similar state provisions. We have not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC has occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of net operating loss carryforwards attributable to periods before the change. The Company is subject to taxation in the United States and Australia. Tax returns for the year ended December 31, 2018 and thereafter are subject to examinations by federal and state tax authorities. Tax returns of Panbela Therapeutics Pty Ltd for the year ended December 31, 2016 and thereafter are subject to examination by the Australian tax authorities. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Subsequent Events [Text Block] | 10. Subsequent Events On July 24, 2024, Panbela and its wholly-owned subsidiary, CPP, entered into the Loan Agreement with USWM by executing and delivering to USWM the USWM Term Note. Pursuant to the Loan Agreement, the Panbela and CPP obtained a term loan from USWM in the original principal amount of $1,500,000 (the “USWM Loan”). The USWM Loan is scheduled to mature on the first to occur of: (i) the closing of a Qualifying Financing (as defined in the USWM Term Note); (ii) the closing of a Qualifying Transaction (as defined in the USWM Term Note) (the “Transaction Maturity Date”); and (iii) December 31, 2024 (as applicable, the “Financing Maturity Date”). As used in the USWM Term Note, (a) “ Qualifying Financing Qualifying Transaction The USWM Term Note had an original principal amount of $1,500,000 and bears interest and premium as follows: (i) interest and premium in the amount of $375,000 due and payable on the Financing Maturity Date; plus (ii) interest and premium in an amount equal to ten percent (10%) of all proceeds generated by the Company pursuant to a Qualifying Transaction (the “Qualifying Transaction Payment”), due and payable on the Transaction Maturity Date, provided, however, that the Qualifying Transaction Payment shall not exceed $1,000,000. The Company may prepay all or part of the USWM Term Note at any time without penalty. The USWM Loan proceeds may only be used by the Company for payment of fees and expenses owed to its CRO for the ASPIRE trial, for other working capital purposes, and to pay any fees or expenses in connection with the USWM Loan. To secure their obligations under the Loan Agreement and USWM Term Note, Panbela and CPP entered into a Security Agreement in favor of the USWM whereby each granted to USWM a first priority security interest in all of Panbela’s and CPP’s rights, title and interest in the Asset Purchase Agreement, dated July 17, 2023, by and among USWM, Panbela, and CPP. Effective as of July 31, 2024, Panbela issued a promissory note in the principal amount of $100,000 to current member of its Board of Directors, D. Robert Schemel, in exchange for a short term loan of the same amount. In accordance with our related party transaction approval policy, the transaction was approved by the audit committee of our Board of Directors, with Mr. Schemel abstaining from deliberation and voting on the matter. The promissory note is scheduled to mature on September 30, 2024 and bears interest at 10% per annum. The promissory note is subordinate to the UWSM Loan in right of repayment. | 12. Subsequent Events Issuance of common stock and warrants in January 2024 On January 31, 2024, the Company completed a registered public offering and issued an aggregate of 794,000 shares of its common stock, pre-funded warrants to purchase up to an aggregate of 3,581,000 shares of common stock at an exercise price of $0.001 per shares and warrants to purchase up to an aggregate of 8,750,000 shares of its common stock. The initial exercise price of the warrants is $2.06 per underlying share. The securities were issued for a combined offering price of $2.06 per share of common stock and 2.0 warrants, or $2.059 per pre-funded warrant and 2.0 warrants. Net proceeds from the offering totaled approximately $8.2 million. As of March 4, 2024, all pre-funded warrants had been exercised. The securities were offered pursuant to an effective registration statement on Form S-1. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | ||
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying condensed consolidated financial statements include the assets, liabilities, and expenses of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. | Principles of consolidation The accompanying Consolidated Financial Statements include the assets, liabilities and expenses of Panbela Therapeutics, Inc. and our direct and indirect subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates, particularly given the significant social and economic disruptions and uncertainties with the ongoing pandemic and control responses. | Use of estimates The preparation of Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs Research and development costs include expenses incurred in the conduct of our clinical trials; for third-party service providers performing various testing and accumulating data related to our preclinical studies; sponsored research agreements; developing and scaling the manufacturing process necessary to produce sufficient amounts of drug product for our product candidates for use in our pre-clinical studies and human clinical trials; consulting resources with specialized expertise related to execution of our development plan for our product candidates; personnel costs, including salaries, benefits and share-based compensation; and costs to license and maintain licensed intellectual property. We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are, and will be, performed at clinical trial sites and are administered jointly by us with assistance from CROs. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. The cost to secure certain third-party drug product for the clinical trials, which is often paid for in advance of delivery, is charged to research and development when it is received and available to be shipped to clinical sites. All material CRO contracts are terminable by us upon written notice, and we are generally only liable for actual effort expended by the CROs and certain non-cancelable expenses incurred at any point of termination. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. | Research and development costs Research and development costs include expenses incurred in the conduct of our human clinical trials, for third-party service providers performing various testing and accumulating data related to our preclinical studies; sponsored research agreements; developing and scaling the manufacturing process necessary to produce sufficient amounts of the SBP-101, Flynpovi and CPP-1X compounds for use in our pre-clinical studies and human clinical trials; consulting resources with specialized expertise related to execution of our development plan for our product candidates; personnel costs, including salaries, benefits and share-based compensation; and costs to license and maintain our licensed intellectual property. We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from CROs. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as site openings, patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. Research and development costs also include IPR&D. This asset was acquired from the security holders of CPP and written off to research and development expense immediately subsequent to the asset acquisition. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation In accounting for stock-based incentive awards, we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the fair value of those awards on the grant date. Calculating stock-based compensation expense requires the input of highly subjective assumptions, which represent our best estimates and involve inherent uncertainties and the application of management’s judgment. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based on historical company share price volatility. The assumed dividend yield is zero | Stock-based compensation In accounting for stock-based incentive awards, we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based primarily on the volatility rates of the Company’s common stock. The assumed dividend yield is zero The fair value of restricted stock units is calculated as the fair value of the underlying common stock as of the date of grant. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation adjustments The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar. Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Australia Pty Ltd, are translated into U.S. dollars at period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive loss presented within the stockholders’ equity. During the six-month periods ended June 30, 2024 and 2023, any reclassification adjustments from accumulated other comprehensive loss to operations were inconsequential. | Foreign currency translation The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Pty Ltd are translated into U.S. dollars at period-end exchange rates. Expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive gain (loss) in the Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, any reclassification adjustments from accumulated other comprehensive gain to operations were inconsequential. The Company records transactions denominated in foreign currencies at the exchange rate in effect on that date. Fluctuations between the transaction date and settlement date are recognized as transaction gain/loss. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive loss Comprehensive loss consists of our net loss and the effects of foreign currency translation. | |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is based on the weighted average of common shares outstanding during the period plus dilutive potential common shares calculated using the treasury stock method. Such potentially dilutive shares are excluded when the effect is anti-dilutive or reduce a net loss per share. The Company’s potentially dilutive shares, which include outstanding common stock options, and warrants, have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive. The following table sets forth the potential shares of common stock that were not included in the calculation of diluted net loss per share as their effects would have been anti-dilutive as of the dates indicated: June 30, 2024 2023 Employee and non-employee stock options 607 607 Common stock issuable under common stock purchase warrants 9,090,939 10,139 9,091,546 10,746 | Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. For the year ended December 31, 2023 the numerator was adjusted by the cost of the warrant inducement of approximately $9.1 million. The following outstanding potential common shares were not included in the diluted net loss per share calculations as their effects were not dilutive: December 31, 2023 2022 Employee and non-employee stock options 607 104 Common stock issuable under common stock purchase warrants 345,956 1,483 346,563 1,587 |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation We have prepared the accompanying Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our fiscal year ends on December 31. | |
Business Combinations Policy [Policy Text Block] | Business Combinations and Asset Acquisition We account for acquired businesses using the acquisition method of accounting, which requires that the assets acquired, and liabilities assumed be recorded at the date of acquisition at their respective fair values if the acquisition meets the definition of a business combination. If the acquisition does not meet the definition of a business combination, then it is accounted for as an asset acquisition and the purchase consideration is allocated to the acquired assets. ASC 805, Business Combinations, provides a model for determining whether an acquisition represents a business combination. In order to be a business, the integrated set of activities of the acquired entity needs to have an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired entity must also pass the “Screen Test” which involves determining whether the acquisition represents an in-substance asset acquisition based on whether the fair value of the gross assets acquired is “substantially all” concentrated in a single asset or group of similar assets. This evaluation excludes certain acquired assets such as cash, deferred taxes, and goodwill associated with deferred taxes, but includes all other gross assets, including any consideration transferred in excess of the identified assets. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand accounts at commercial banks. At times, such deposits may be in excess of insured limits. As of December 31, 2023, $2.3 million of the Company’s cash was in excess of insured limits. The Company has not experienced any losses on its deposits of cash. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include short-term, highly liquid investments with maturities of three months or less. | |
Other Non-current Assets [Policy Text Block] | Other noncurrent assets Other noncurrent assets are comprised primarily of long-term deposits with contract research organizations (“CROs”). These amounts are recognized as operating expenses or research and development expense as the trial is completed. | |
Clinical Trial Accruals [Policy Text Block] | Clinical Trial Accruals Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as clinical site activations, patient enrollment or information provided to the Company by its vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services are performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion, or the services completed. The Company’s estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. | |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company has provided a full valuation allowance against the gross deferred tax assets as of December 31, 2023 and 2022. The Company’s policy is to classify interest and penalties related to income taxes as income tax expense in the Consolidated Statements of Operations and Comprehensive Loss. | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Specifically, we reclassified $0.1 million of prepaid expenses from current to non-current as of December 31, 2022. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07: Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This update will improve reportable segment disclosure requirements by enhancing disclosures around significant segment expenses and disclosures around the CODM, pertaining to what measures are used to evaluate profit or loss and such measures are used in assessing segment performance. These amendments will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities. ASU 2023-07 is effective for public entities' fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company only has one reportable segment and thus, the adoption of this ASU will not have a material impact on the financial statements and related disclosures. Recently Adopted Accounting Pronouncements Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The FASB is issuing this Update (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Note 5 - Summary of Significa_2
Note 5 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2024 2023 Employee and non-employee stock options 607 607 Common stock issuable under common stock purchase warrants 9,090,939 10,139 9,091,546 10,746 | December 31, 2023 2022 Employee and non-employee stock options 607 104 Common stock issuable under common stock purchase warrants 345,956 1,483 346,563 1,587 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | June 30, 2024 Stock options outstanding 607 Shares available for grant under equity incentive plan 163,800 Warrants outstanding 9,090,939 9,255,346 | Shares of common stock reserved for future issuance were as follows as of December 31, 2023: Stock options outstanding 607 Shares available for grant under equity incentive plan - Common shares issuable under outstanding common stock purchase warrants 345,956 346,563 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Six Months Ended June 30, 2024 2023 General and Administrative $ 68 $ 416 Research and Development 35 93 $ 103 $ 509 | Year ended December 31, 2023 2022 General and administative $ 643 $ 889 Research and development 180 199 Total stock-based compensation $ 823 $ 1,088 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 8.75 $ 300.00 503 8.75 $5,280 - $7,709 39 6.50 $ 5,280.00 39 6.50 $26,400 - $98,160 37 4.79 $ 79,787.03 37 4.79 $100,080 - $362,400 28 4.79 $ 194,220.00 28 4.79 Totals 607 8.18 $ 14,410.36 607 8.18 | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 9.24 $ 300.00 78 9.24 $5,280 - $7,709 39 7.00 $ 5,280.00 39 7.00 $26,400 - $98,160 37 5.29 $ 79,787.03 35 5.18 $100,080 - $362,400 28 5.29 $ 194,220.00 28 5.29 Totals 607 8.68 $ 14,410.36 180 7.35 |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2024 2023 Employee and non-employee stock options 607 607 Common stock issuable under common stock purchase warrants 9,090,939 10,139 9,091,546 10,746 | December 31, 2023 2022 Employee and non-employee stock options 607 104 Common stock issuable under common stock purchase warrants 345,956 1,483 346,563 1,587 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Clinical trial and related expenses $ 290 $ 1,760 Incentive compensation 420 550 Severance pay and other payroll related 96 448 Professional services 166 147 Other 169 88 Total accrued liabilities $ 1,141 $ 2,993 |
Note 6 - Asset Acquisition (Tab
Note 6 - Asset Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Asset Acquisition [Table Text Block] | Shares Value (in thousands) Common stock issued to CPP shareholders 113 $ 7,839 Common stock underlying options continued 42 1,637 Common stock underlying warrants replaced 4 129 Total non cash consideration $ 9,605 Transaction costs incurred $ 658 Total Consideration $ 10,263 In process research and development * $ 17,737 Cash 4 Other current assets 230 Accounts payable and accrued expenses (811 ) Accrued interest and notes payable (6,897 ) $ 10,263 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | June 30, 2024 Stock options outstanding 607 Shares available for grant under equity incentive plan 163,800 Warrants outstanding 9,090,939 9,255,346 | Shares of common stock reserved for future issuance were as follows as of December 31, 2023: Stock options outstanding 607 Shares available for grant under equity incentive plan - Common shares issuable under outstanding common stock purchase warrants 345,956 346,563 |
Note 10 - Stock-Based Compens_2
Note 10 - Stock-Based Compensation (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2022 63 $ 132,059.00 $ - Options continued from CPP Plan 42 6,743.41 Exercised - Cancelled - Forfeitures (1 ) 6,743.41 Balance at December 31, 2022 104 $ 82,655.77 $ - Granted 503 300.00 Exercised - Cancelled - Forfeitures - Balance at December 31, 2023 607 $ 14,410.38 $ - | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Six Months Ended June 30, 2024 2023 General and Administrative $ 68 $ 416 Research and Development 35 93 $ 103 $ 509 | Year ended December 31, 2023 2022 General and administative $ 643 $ 889 Research and development 180 199 Total stock-based compensation $ 823 $ 1,088 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Under Option Weighted Average Grant Date Fair Value Unvested at January 1, 2022 18 $ 92,061.33 Granted 42 26,038.83 Vested (52 ) 38,865.69 Forfeitures (1 ) 26,038.83 Unvested at December 31, 2022 7 $ 100,525.71 Granted 503 269.80 Vested (83 ) 7,002.26 Forfeitures - Unvested at December 31, 2023 427 $ 604.69 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 8.75 $ 300.00 503 8.75 $5,280 - $7,709 39 6.50 $ 5,280.00 39 6.50 $26,400 - $98,160 37 4.79 $ 79,787.03 37 4.79 $100,080 - $362,400 28 4.79 $ 194,220.00 28 4.79 Totals 607 8.18 $ 14,410.36 607 8.18 | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $300 503 9.24 $ 300.00 78 9.24 $5,280 - $7,709 39 7.00 $ 5,280.00 39 7.00 $26,400 - $98,160 37 5.29 $ 79,787.03 35 5.18 $100,080 - $362,400 28 5.29 $ 194,220.00 28 5.29 Totals 607 8.68 $ 14,410.36 180 7.35 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 Common stock fair value $300.00 Risk-free interest rate 3.59% to 3.60% Expected dividend yield $0.00 Expected Option life (in years) 5.08 to 5.5 Expected stock price volatility 131.3% - 138.0% |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, Deferred tax assets (liabilities) 2023 2022 Net operating loss carryforwards $ 18,487 $ 17,564 Research credit carryforwards 352 338 Stock-based compensation 2,023 1,928 Section 174 amortization 5,444 1,921 Other 10 68 Deferred tax assets 26,316 21,819 Valuation allowance (26,316 ) (21,819 ) Net deferred tax asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 Statutory rate 21.00 % 21.00 % Permanent differences - (10.83 ) Change in effective tax rate 0.22 0.04 States 0.68 0.11 Valuation allowance (21.91 ) (13.01 ) Foreign research incentives 0.71 0.14 Other 0.04 2.88 Effective rate 0.74 % 0.33 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Tax Expense: Current (186 ) (116 ) Deferred - - Noncurrent - - (186 ) (116 ) |
Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] | (In Thousands) Amount Expiration Years Net operating losses--federal 23,068 Expires beginning 2031 2018 to 2022 net operating losses -- federal 33,513 Never expires 2023 - federal 7,818 Limited to 80% usage Tax credits--federal 352 Beginning 2041 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Jan. 18, 2024 | Jan. 13, 2024 | Dec. 19, 2023 | Jun. 01, 2023 | Jan. 18, 2023 | Jan. 13, 2023 |
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | 20 | 20 | 30 | 40 | 40 |
Note 2 - Risks and Uncertaint_3
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 26, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Retained Earnings (Accumulated Deficit) | $ 139,757,000 | $ 139,757,000 | $ 125,497,000 | $ 91,094,000 | $ 139,800,000 | |||||
Net Income (Loss) Attributable to Parent | 7,139,000 | $ 7,121,000 | $ 5,833,000 | $ 5,118,000 | 14,260,000 | $ 10,951,000 | 25,263,000 | 34,933,000 | ||
Net Cash Provided by (Used in) Operating Activities | 10,373,000 | 15,492,000 | 25,249,000 | 15,276,000 | ||||||
Cash and Cash Equivalents, at Carrying Value | 59,000 | 59,000 | 2,578,000 | 1,285,000 | ||||||
Working Capital | 16,000,000 | 16,000,000 | (9,300,000) | |||||||
Equity, Attributable to Parent | (10,568,000) | $ (3,187,000) | $ 4,802,000 | $ 2,530,000 | (10,568,000) | 4,802,000 | (4,710,000) | (8,049,000) | ||
Increase (Decrease) in Accounts Payable | (4,578,000) | $ (5,811,000) | $ (7,060,000) | $ (2,249,000) | ||||||
CRO for ASPIRE Trials [Member] | ||||||||||
Accounts Payable | $ 11,200,000 | $ 11,200,000 | ||||||||
CRO for ASPIRE Trials [Member] | Subsequent Event [Member] | ||||||||||
Increase (Decrease) in Accounts Payable | $ 1,500,000 |
Note 4 - Liquidity and Busine_2
Note 4 - Liquidity and Business Plan (Details Textual) - USD ($) | 12 Months Ended | |||||||||
Jan. 31, 2024 | Dec. 21, 2023 | Nov. 02, 2023 | Jun. 23, 2023 | Jun. 21, 2023 | Jan. 31, 2023 | Jan. 30, 2023 | Oct. 04, 2022 | Dec. 31, 2023 | Jul. 24, 2024 | |
Proceeds from Issuance or Sale of Equity | $ 2,000,000 | |||||||||
Registered Public Offering [Member] | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 9,000,000 | $ 8,500,000 | $ 8,500,000 | $ 15,000,000 | $ 13,800,000 | $ 6,000,000 | ||||
Inducement Warrant [Member] | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 2,000,000 | $ 1,900,000 | ||||||||
ATM Program [Member] | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 1,600,000 | |||||||||
USWM Loan Agreement [Member] | ||||||||||
Debt Instrument, Face Amount | $ 1,500,000 |
Note 5 - Summary of Significa_3
Note 5 - Summary of Significant Accounting Policies (Details Textual) Pure in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% |
Note 5 - Summary of Significa_4
Note 5 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Anti-dilutive securities (in shares) | 9,091,546 | 10,746 | 346,563 | 1,587 |
Share-Based Payment Arrangement [Member] | ||||
Anti-dilutive securities (in shares) | 607 | 607 | 607 | 104 |
Warrant [Member] | ||||
Anti-dilutive securities (in shares) | 9,090,939 | 10,139 | 345,956 | 1,483 |
Note 6 - Notes Payable (Details
Note 6 - Notes Payable (Details Textual) - Sucampo Note [Member] - USD ($) | Feb. 01, 2023 | Jun. 15, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Term Debt | $ 6,200,000 | $ 4,300,000 | $ 5,400,000 | $ 6,400,000 | |
Debt Instrument, Face Amount | $ 6,200,000 | ||||
Long-Term Debt, Gross | 4,200,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||||
Debt Instrument, Periodic Payment | $ 1,000,000 | ||||
Repayments of Long-Term Debt | $ 1,000,000 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 260,000 | ||||
Interest Payable | $ 295,000 | $ 87,000 | $ 238,000 | $ 243,000 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | Jan. 31, 2024 USD ($) $ / shares shares | Jan. 18, 2024 | Jan. 13, 2024 | Dec. 19, 2023 | Jun. 01, 2023 | Jan. 30, 2023 $ / shares shares | Jan. 18, 2023 | Jan. 13, 2023 | Dec. 31, 2023 $ / shares shares | Jun. 21, 2023 $ / shares shares | Oct. 04, 2022 $ / shares shares |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 128 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 12.39 | ||||||||||
Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | 20 | 20 | 30 | 40 | 40 | |||||
Pre-funded Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 3,581,000 | 3,054 | 84,200 | 542 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Common Stock Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 8,750,000 | 22,250 | 9,595 | 227,000 | 1,256 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.06 | $ 1,650 | $ 12.39 | $ 75 | $ 108,960 | ||||||
Registered Public Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | shares | 794,000 | 8,070 | |||||||||
Units Issued, Stock and Warrant, Price Per Share | $ / shares | $ 2.06 | $ 1,350 | |||||||||
Units Issued, Warrant and Warrant, Warrant Per Unit | shares | 2 | ||||||||||
Units Issued, Warrant and Warrant, Price Per Unit | $ / shares | $ 2.059 | $ 1,349.999 | |||||||||
Proceeds from Issuance or Sale of Equity, Net | $ | $ 8.1 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Shares reserved (in shares) | 9,255,346 | 346,563 |
Share-Based Payment Arrangement, Option [Member] | ||
Shares reserved (in shares) | 607 | |
Shares Available for Grant Under Equity Incentive Plan [Member] | ||
Shares reserved (in shares) | 163,800 | |
Warrant [Member] | ||
Shares reserved (in shares) | 9,090,939 | 345,956 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - $ / shares | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 14,410.36 | $ 14,410.36 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 607 | 104 | 63 | ||
Panbela Therapeutics, Inc. 2016 Omnibus Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 116 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 164,246 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 561 | 561 | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 14,420 | $ 14,420 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 4 months 24 days | 8 years 10 months 24 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 163,800 | 0 | |||
Panbela Therapeutics, Inc. 2011 Stock Option Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 5 | 5 | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 76,200 | $ 76,200 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 months 12 days | 1 year 2 months 12 days | |||
CPP's 2010 Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 41 | 41 | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 6,743.41 | $ 6,743.41 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | 6 years 8 months 12 days |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation expense | $ 103 | $ 509 | $ 823 | $ 1,088 |
General and Administrative Expense [Member] | ||||
Share-based compensation expense | 68 | 416 | 643 | 889 |
Research and Development Expense [Member] | ||||
Share-based compensation expense | $ 35 | $ 93 | $ 180 | $ 199 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Options Outstanding (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Options outstanding (in shares) | 607 | 607 | 607 |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 2 months 4 days | 8 years 8 months 4 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 14,410.36 | $ 14,410.36 | $ 14,410.36 |
Options exercisable (in shares) | 607 | 607 | 180 |
Options excercisable, weighted average remaining contractual life (Year) | 8 years 2 months 4 days | 7 years 4 months 6 days | |
Exercise Price Range 1 [Member] | |||
Per share exercise price, lower limit (in dollars per share) | $ 300 | $ 300 | |
Options outstanding (in shares) | 503 | 503 | 503 |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 9 months | 9 years 2 months 26 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 300 | $ 300 | $ 300 |
Options exercisable (in shares) | 503 | 503 | 78 |
Options excercisable, weighted average remaining contractual life (Year) | 8 years 9 months | 9 years 2 months 26 days | |
Exercise Price Range 2 [Member] | |||
Per share exercise price, lower limit (in dollars per share) | $ 5,280 | $ 5,280 | |
Options outstanding (in shares) | 39 | 39 | 39 |
Options outstanding, weighted average remaining contractual life (Year) | 6 years 6 months | 7 years | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5,280 | $ 5,280 | $ 5,280 |
Options exercisable (in shares) | 39 | 39 | 39 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 6 months | 7 years | |
Per share exercise price, upper limit (in dollars per share) | $ 7,709 | $ 7,709 | |
Exercise Price Range 3 [Member] | |||
Per share exercise price, lower limit (in dollars per share) | $ 26,400 | $ 26,400 | |
Options outstanding (in shares) | 37 | 37 | 37 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 3 months 14 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 79,787.03 | $ 79,787.03 | $ 79,787.03 |
Options exercisable (in shares) | 37 | 37 | 35 |
Options excercisable, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 2 months 4 days | |
Per share exercise price, upper limit (in dollars per share) | $ 98,160 | $ 98,160 | |
Exercise Price Range 4 [Member] | |||
Per share exercise price, lower limit (in dollars per share) | $ 100,080 | $ 100,080 | |
Options outstanding (in shares) | 28 | 28 | 28 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 3 months 14 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 194,220 | $ 194,220 | $ 194,220 |
Options exercisable (in shares) | 28 | 28 | 28 |
Options excercisable, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 3 months 14 days | |
Per share exercise price, upper limit (in dollars per share) | $ 362,400 | $ 362,400 |
Note 9 - Gain on Sale of Inte_2
Note 9 - Gain on Sale of Intellectual Property (Details Textual) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 17, 2023 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0.8 | $ 0.4 |
Maximum [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 9.5 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 7.6 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) | Jul. 31, 2024 | Jul. 24, 2024 |
Subsequent Event [Member] | Promissory Note to Director [Member] | ||
Payments to Acquire Loans Receivable | $ 100,000 | |
Loan Receivable, Interest Rate | 10% | |
USWM Loan Agreement [Member] | ||
Debt Instrument, Face Amount | $ 1,500,000 | |
USWM Loan Agreement [Member] | Subsequent Event [Member] | ||
Debt Instrument, Face Amount | 1,500,000 | |
Debt Instrument, Covenant, Qualifying Financing Threshold | 1,875,000 | |
Debt Instrument, Periodic Payment | $ 375,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 10% | |
Debt Instrument, Covenant, Qualifying Transaction Threshold | $ 1,000,000 |
Note 1 - Business (Details Te_2
Note 1 - Business (Details Textual) | Jan. 18, 2024 | Jan. 13, 2024 | Dec. 19, 2023 | Jun. 01, 2023 | Jan. 18, 2023 | Jan. 13, 2023 |
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | 20 | 20 | 30 | 40 | 40 |
Note 2 - Risks and Uncertaint_4
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Retained Earnings (Accumulated Deficit), Total | $ (139,757,000) | $ (139,757,000) | $ (125,497,000) | $ (91,094,000) | $ (139,800,000) | ||||
Net Income (Loss) Attributable to Parent, Total | (7,139,000) | $ (7,121,000) | $ (5,833,000) | $ (5,118,000) | (14,260,000) | $ (10,951,000) | (25,263,000) | (34,933,000) | |
Inducement Warrant Exercises | 9,100,000 | ||||||||
Net Cash Provided by (Used in) Operating Activities, Total | (10,373,000) | (15,492,000) | (25,249,000) | (15,276,000) | |||||
Cash and Cash Equivalents, at Carrying Value | 59,000 | 59,000 | 2,578,000 | 1,285,000 | |||||
Working Capital | 16,000,000 | 16,000,000 | (9,300,000) | ||||||
Equity, Attributable to Parent | $ (10,568,000) | $ (3,187,000) | $ 4,802,000 | $ 2,530,000 | $ (10,568,000) | $ 4,802,000 | $ (4,710,000) | $ (8,049,000) |
Note 3 - Liquidity and Manage_2
Note 3 - Liquidity and Management Plans (Details Textual) - USD ($) | 12 Months Ended | ||||||||||
Jan. 31, 2024 | Jan. 30, 2024 | Dec. 21, 2023 | Nov. 02, 2023 | Jun. 23, 2023 | Jun. 21, 2023 | Jan. 31, 2023 | Jan. 30, 2023 | Oct. 04, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Issuance or Sale of Equity | $ 2,000,000 | ||||||||||
Inducement Warrant [Member] | |||||||||||
Proceeds from Warrant Exercises | $ 2,000,000 | $ 1,900,000 | |||||||||
Registered Public Offering [Member] | |||||||||||
Proceeds from Issuance or Sale of Equity | $ 9,000,000 | $ 8,500,000 | $ 8,500,000 | $ 15,000,000 | $ 13,800,000 | $ 6,000,000 | |||||
ATM Program [Member] | |||||||||||
Proceeds from Issuance or Sale of Equity | $ 1,600,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ 1,600,000 | $ 46,000 | |||||||||
Subsequent Event [Member] | Registered Public Offering [Member] | |||||||||||
Proceeds from Issuance or Sale of Equity | $ 9,000,000 |
Note 4 - Summary of Significa_3
Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) Pure in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash, Uninsured Amount | $ 2.3 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | |
Warrant Inducement Cost | $ 9.1 | ||
Current Prepaid Expenses To Non-current Prepaid Expenses [Member] | |||
Prepaid Expense, Noncurrent | $ 0.1 |
Note 4 - Summary of Significa_4
Note 4 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Anti-dilutive securities (in shares) | 9,091,546 | 10,746 | 346,563 | 1,587 |
Share-Based Payment Arrangement [Member] | ||||
Anti-dilutive securities (in shares) | 607 | 607 | 607 | 104 |
Warrant [Member] | ||||
Anti-dilutive securities (in shares) | 9,090,939 | 10,139 | 345,956 | 1,483 |
Note 5 - Accrued Expenses - Acc
Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Clinical trial and related expenses | $ 290 | $ 1,760 | |
Incentive compensation | 420 | 550 | |
Severance pay and other payroll related | 96 | 448 | |
Professional services | 166 | 147 | |
Other | 169 | 88 | |
Total accrued liabilities | $ 1,408 | $ 1,141 | $ 2,993 |
Note 6 - Asset Acquisition (Det
Note 6 - Asset Acquisition (Details Textual) $ in Millions | Jun. 15, 2022 USD ($) |
CPP Asset Acquisition [Member] | Maximum [Member] | |
Asset Acquisition, Contingent Consideration, Liability, Total | $ 60 |
Note 6 - Asset Acquisition - Sc
Note 6 - Asset Acquisition - Schedule of Purchase Consideration and Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 15, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Cash | $ 0 | $ 4 | ||
CPP Asset Acquisition [Member] | ||||
Common stock issued to CPP shareholders (in shares) | 113 | |||
In process research and development * | [1] | $ 17,737 | ||
Common stock issued to CPP shareholders | 9,605 | |||
Cash | $ 4 | |||
Common stock underlying options continued (in shares) | 42 | |||
Other current assets | $ 230 | |||
Accounts payable and accrued expenses | $ (811) | |||
Common stock underlying warrants replaced (in shares) | 4 | |||
Accrued interest and notes payable | $ (6,897) | |||
Asset Acquisition, Assets Acquired | 10,263 | |||
Transaction costs incurred | 658 | |||
Total Consideration | 10,263 | |||
CPP Asset Acquisition [Member] | Common Stock Issued as Consideration [Member] | ||||
Common stock issued to CPP shareholders | 7,839 | |||
CPP Asset Acquisition [Member] | Options Issued as Consideration [Member] | ||||
Common stock issued to CPP shareholders | 1,637 | |||
CPP Asset Acquisition [Member] | Warrants Issued as Consideration [Member] | ||||
Common stock issued to CPP shareholders | $ 129 | |||
[1]In accordance with FASB ASC Topic 730, Research and Development this asset was immediately expensed upon the closing of the merger. |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) | Mar. 08, 2024 | Feb. 01, 2023 | Jun. 15, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Sucampo Note [Member] | ||||||
Long-Term Debt | $ 6,200,000 | $ 4,300,000 | $ 5,400,000 | $ 6,400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||||
Repayments of Long-Term Debt | $ 1,000,000 | |||||
Interest Payable | 295,000 | $ 87,000 | $ 238,000 | 243,000 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 260,000 | |||||
Debt Instrument, Periodic Payment | $ 1,000,000 | |||||
Debt Instrument, Face Amount | $ 6,200,000 | |||||
Sucampo Note [Member] | Subsequent Event [Member] | ||||||
Repayments of Long-Term Debt | $ 1,000,000 | |||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 259,000 | |||||
Tillotts Note [Member] | ||||||
Long-Term Debt | 700,000 | |||||
Debt Instrument, Face Amount | $ 650,000 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 22, 2011 | Dec. 31, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 128 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12.39 | |||
License Agreement, Milestone Payments Achievement | $ 90,000 | |||
Sponsored Research Agreement with The Johns Hopkins University [Member] | ||||
Other Commitment | $ 600,000 | |||
Research Expense, Remaining Balance | $ 375,000 | |||
University Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6,720 | |||
Licensing Agreement with University of Florida Research Foundation [Member] | ||||
Royalty Term (Year) | 10 years | |||
Annual License Maintenance Fee | $ 10,000 | |||
Licensing Agreement with University of Florida Research Foundation [Member] | Minimum [Member] | ||||
Royalty Fee Percentage of Net Sales | 2.50% | |||
Licensing Agreement with University of Florida Research Foundation [Member] | Maximum [Member] | ||||
Royalty Fee Percentage of Net Sales | 5% |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2024 USD ($) $ / shares shares | Jan. 18, 2024 | Jan. 13, 2024 | Dec. 21, 2023 USD ($) $ / shares shares | Dec. 19, 2023 | Nov. 02, 2023 USD ($) $ / shares shares | Jun. 23, 2023 USD ($) | Jun. 21, 2023 USD ($) $ / shares shares | Jun. 01, 2023 | Jan. 31, 2023 USD ($) | Jan. 30, 2023 USD ($) $ / shares shares | Jan. 18, 2023 | Jan. 13, 2023 | Oct. 04, 2022 USD ($) $ / shares shares | Jul. 19, 2022 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 128 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 12.39 | ||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 2,000,000 | ||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | 20 | 20 | 30 | 40 | 40 | |||||||||||
Stock Issued During Period, Shares, Fractional Shares | 0 | ||||||||||||||||
Reverse Stock Split [Member] | Minimum [Member] | |||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 | ||||||||||||||||
Reverse Stock Split [Member] | Maximum [Member] | |||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | ||||||||||||||||
Class D Common Stock [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 255,600 | ||||||||||||||||
Private Placement [Member] | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 1,900,000 | ||||||||||||||||
Public Offering of Common Stock And Warrants June 2023 [Member] | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 7,700,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 29,300 | ||||||||||||||||
Units Issued, Stock and Warrant, Price Per Share | $ / shares | $ 75 | ||||||||||||||||
Units Issued, Warrant and Warrant, Price Per Unit | $ / shares | $ 74.999 | ||||||||||||||||
Registered Public Offering [Member] | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 9,000,000 | $ 8,500,000 | $ 8,500,000 | $ 15,000,000 | $ 13,800,000 | $ 6,000,000 | |||||||||||
Stock Issued During Period, Shares, New Issues | 794,000 | 8,070 | |||||||||||||||
Units Issued, Stock and Warrant, Price Per Share | $ / shares | $ 2.06 | $ 1,350 | |||||||||||||||
Units Issued, Warrant and Warrant, Price Per Unit | $ / shares | $ 2.059 | $ 1,349.999 | |||||||||||||||
Units Issued, Warrant and Warrant, Warrant Per Unit | 2 | ||||||||||||||||
Public Offering Of Common Stock And Warrants [Member] | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 5,300,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 295 | ||||||||||||||||
Units Issued, Stock and Warrant, Price Per Share | $ / shares | $ 7,200 | ||||||||||||||||
Units Issued, Warrant and Warrant, Price Per Unit | $ / shares | $ 7,199.999 | ||||||||||||||||
Units Issued, Stock and Warrant, Number of Warrants Per Unit | 1.5 | ||||||||||||||||
Units Issued, Warrant and Warrant, Warrant Per Unit | 1.5 | ||||||||||||||||
ATM Program [Member] | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 1,600,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 915 | 47 | |||||||||||||||
Equity Offering, Maximum Amount | $ | $ 8,400,000 | ||||||||||||||||
Equity Offering, Commission, Percentage of Gross Proceeds | 3% | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,600,000 | $ 46,000 | |||||||||||||||
Class C Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 127,800 | 213,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15.6 | $ 15.6 | |||||||||||||||
Class of Warrant or Right, Outstanding | 80,200 | ||||||||||||||||
Class D Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 19 | ||||||||||||||||
Class A and Class B Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 106,500 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15.6 | ||||||||||||||||
Pre-funded Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,581,000 | 84,200 | 3,054 | 542 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
Common Stock Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,750,000 | 227,000 | 22,250 | 1,256 | 9,595 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.06 | $ 75 | $ 1,650 | $ 108,960 | $ 12.39 | ||||||||||||
Class of Warrants or Rights, Eligible for Cashless Exercise | 113,500 | 2,595 | |||||||||||||||
Class of Warrants or Rights, Cashless Exchange Feature | 0.24 | 0.75 | |||||||||||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants | 6,169 | ||||||||||||||||
Class of Warrant or Right, Exercised During Period | 22,120 | 25,705 | |||||||||||||||
Stock Issued During Period, Shares, Warrants Exercised | 16,590 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 9,255,346 | 346,563 |
Warrant [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 9,090,939 | 345,956 |
Share-Based Payment Arrangement, Option [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 607 | |
Shares Available for Grant Under Equity Incentive Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 |
Note 10 - Stock-Based Compens_3
Note 10 - Stock-Based Compensation (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 15, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 14,410.36 | $ 14,410.36 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 607 | 104 | 63 | |||
Share-Based Payment Arrangement, Expense | $ 103,000 | $ 509,000 | $ 823,000 | $ 1,088,000 | ||
Exercise Price Range 1 [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 503 | |||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 300 | $ 300 | ||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 100,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 months 26 days | |||||
Non-Employee Stock Option [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 171,000 | $ 281,000 | ||||
Panbela Therapeutics, Inc. 2016 Omnibus Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 561 | 561 | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 14,420 | $ 14,420 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 4 months 24 days | 8 years 10 months 24 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 163,800 | 0 | ||||
Panbela Therapeutics, Inc. 2011 Stock Option Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 5 | 5 | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 76,200 | $ 76,200 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 months 12 days | 1 year 2 months 12 days | ||||
Panbela Therapeutics, Inc. 2011 Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 0 years | |||||
Panbela Therapeutics, Inc. 2011 Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 2 years | |||||
CPP's 2010 Equity Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 41 | 41 | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 6,743.41 | $ 6,743.41 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | 6 years 8 months 12 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 42 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 6,743.41 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance (in shares) | 104 | 63 | |
Balance (in dollars per share) | $ 82,655.77 | $ 132,059 | |
Balance | $ 0 | $ 0 | $ 0 |
Options continued from CPP Plan (in shares) | 503 | 42 | |
Options continued from CPP Plan (in dollars per share) | $ 300 | $ 6,743.41 | |
Exercised (in shares) | 0 | 0 | |
Cancelled (in shares) | 0 | 0 | |
Forfeitures (in shares) | 0 | (1) | |
Forfeitures (in dollars per share) | $ 6,743.41 | ||
Balance (in shares) | 607 | 104 | |
Balance (in dollars per share) | $ 14,410.38 | $ 82,655.77 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation expense | $ 103 | $ 509 | $ 823 | $ 1,088 |
General and Administrative Expense [Member] | ||||
Share-based compensation expense | 68 | 416 | 643 | 889 |
Research and Development Expense [Member] | ||||
Share-based compensation expense | $ 35 | $ 93 | $ 180 | $ 199 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested, shares under option (in shares) | 7 | 18 |
Unvested, weighted average grant-date fair value (in dollars per share) | $ 100,525.71 | $ 92,061.33 |
Granted, shares under option (in shares) | 503 | 42 |
Granted, weighted average grant-date fair value (in dollars per share) | $ 269.8 | $ 26,038.83 |
Vested, shares under option (in shares) | (83) | (52) |
Vested, weighted average grant-date fair value (in dollars per share) | $ 7,002.26 | $ 38,865.69 |
Forfeitures (in shares) | 0 | (1) |
Forfeitures (in dollars per share) | $ 26,038.83 | |
Unvested, shares under option (in shares) | 427 | 7 |
Unvested, weighted average grant-date fair value (in dollars per share) | $ 604.69 | $ 100,525.71 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Options Outstanding (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Options outstanding (in shares) | 607 | 607 | 607 |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 2 months 4 days | 8 years 8 months 4 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 14,410.36 | $ 14,410.36 | $ 14,410.36 |
Options exercisable (in shares) | 607 | 607 | 180 |
Options excercisable, weighted average remaining contractual life (Year) | 8 years 2 months 4 days | 7 years 4 months 6 days | |
Exercise Price Range 1 [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 300 | $ 300 | |
Options outstanding (in shares) | 503 | 503 | 503 |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 9 months | 9 years 2 months 26 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 300 | $ 300 | $ 300 |
Options exercisable (in shares) | 503 | 503 | 78 |
Options excercisable, weighted average remaining contractual life (Year) | 8 years 9 months | 9 years 2 months 26 days | |
Exercise Price Range 2 [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 5,280 | $ 5,280 | |
Options outstanding (in shares) | 39 | 39 | 39 |
Options outstanding, weighted average remaining contractual life (Year) | 6 years 6 months | 7 years | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5,280 | $ 5,280 | $ 5,280 |
Options exercisable (in shares) | 39 | 39 | 39 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 6 months | 7 years | |
Per share exercise price, upper limit (in dollars per share) | $ 7,709 | $ 7,709 | |
Exercise Price Range 3 [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 26,400 | $ 26,400 | |
Options outstanding (in shares) | 37 | 37 | 37 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 3 months 14 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 79,787.03 | $ 79,787.03 | $ 79,787.03 |
Options exercisable (in shares) | 37 | 37 | 35 |
Options excercisable, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 2 months 4 days | |
Per share exercise price, upper limit (in dollars per share) | $ 98,160 | $ 98,160 | |
Exercise Price Range 4 [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 100,080 | $ 100,080 | |
Options outstanding (in shares) | 28 | 28 | 28 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 3 months 14 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 194,220 | $ 194,220 | $ 194,220 |
Options exercisable (in shares) | 28 | 28 | 28 |
Options excercisable, weighted average remaining contractual life (Year) | 4 years 9 months 14 days | 5 years 3 months 14 days | |
Per share exercise price, upper limit (in dollars per share) | $ 362,400 | $ 362,400 |
Note 10 - Stock-Based Compens_8
Note 10 - Stock-Based Compensation - Schedule of Share-Based Payment Award (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares | |
Common stock fair value (in dollars per share) | $ / shares | $ 300 |
Expected dividend yield | $ | $ 0 |
Minimum [Member] | |
Risk-free interest rate | 3.59% |
Expected Option life (in years) (Year) | 5 years 29 days |
Expected stock price volatility | 131.30% |
Maximum [Member] | |
Risk-free interest rate | 3.60% |
Expected Option life (in years) (Year) | 5 years 6 months |
Expected stock price volatility | 138% |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes Receivable, Current | $ 320,000 | $ 183,000 | $ 49,000 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss carryforwards | $ 18,487 | $ 17,564 |
Research credit carryforwards | 352 | 338 |
Stock-based compensation | 2,023 | 1,928 |
Section 174 amortization | 5,444 | 1,921 |
Other | 10 | 68 |
Deferred tax assets | 26,316 | 21,819 |
Valuation allowance | (26,316) | (21,819) |
Net deferred tax asset | $ 0 | $ 0 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory rate | 21% | 21% |
Permanent differences | 0% | (10.83%) |
Change in effective tax rate | 0.22% | 0.04% |
States | 0.68% | 0.11% |
Valuation allowance | (21.91%) | (13.01%) |
Foreign research incentives | 0.71% | 0.14% |
Other | 0.04% | 2.88% |
Effective rate | 0.74% | 0.33% |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Current | $ (186) | $ (116) | ||||
Deferred | 0 | 0 | ||||
Noncurrent | 0 | 0 | ||||
Income Tax Expense (Benefit) | $ 0 | $ (147) | $ (138) | $ (149) | $ (186) | $ (116) |
Note 11 - Income Taxes - Net Op
Note 11 - Income Taxes - Net Operating Losses and Tax Credit Carryforwards (Details) - Domestic Tax Jurisdiction [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Net operating losses--federal | $ 23,068 |
Tax credits--federal | $ 352 |
Earliest Tax Year [Member] | |
pbla_OperatingLossCarryforwardsExpirationYear | 2031 |
pbla_TaxCreditCarryforwardExpirationYear | 2041 |
Tax Year 2018 [Member] | |
Net operating losses--federal | $ 33,513 |
Tax Year 2023 [Member] | |
Net operating losses--federal | $ 7,818 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2024 | Jan. 30, 2023 | Dec. 31, 2023 | Jun. 21, 2023 | Oct. 04, 2022 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 128 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12.39 | ||||
Pre-funded Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,581,000 | 3,054 | 84,200 | 542 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Common Stock Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,750,000 | 22,250 | 9,595 | 227,000 | 1,256 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.06 | $ 1,650 | $ 12.39 | $ 75 | $ 108,960 |
Registered Public Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues | 794,000 | 8,070 | |||
Units Issued, Stock and Warrant, Price Per Share | $ 2.06 | $ 1,350 | |||
Units Issued, Warrant and Warrant, Price Per Unit | $ 2.059 | $ 1,349.999 | |||
Units Issued, Warrant and Warrant, Warrant Per Unit | 2 | ||||
Proceeds from Issuance or Sale of Equity, Net | $ 8.1 | ||||
Subsequent Event [Member] | Pre-funded Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,581,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | ||||
Subsequent Event [Member] | Common Stock Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,750,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.06 | ||||
Subsequent Event [Member] | Registered Public Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues | 794,000 | ||||
Units Issued, Stock and Warrant, Price Per Share | $ 2.06 | ||||
Units Issued, Stock and Warrant, Number of Warrants Per Unit | 2 | ||||
Units Issued, Warrant and Warrant, Price Per Unit | $ 2.059 | ||||
Units Issued, Warrant and Warrant, Warrant Per Unit | 2 | ||||
Proceeds from Issuance or Sale of Equity, Net | $ 8.2 |